By Devika Patel
Knoxville, Tenn., May 15 - Advanced Explorations Inc. announced it will raise C$1 million in a non-brokered private placement of units via lead agent Sandfire Securities Inc.
The company will sell 5 million units at C$0.20 each. Each unit consists of one common share and one warrant. Each two-year warrant is exercisable at C$0.30 in the first year and at C$0.40 thereafter.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30 in the first year, C$0.40 thereafter
|
| Agent: | Sandfire Securities Inc.
|
| Pricing date: | May 15
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$0.23 at close May 14
|
| Market capitalization: | C$7.25 million
|
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