New York, July 31 - Advanced Explorations Inc. said it completed the initial C$448,000 tranche of its up to C$1 million non-brokered private placement of units.
The company sold 2,986,667 units at C$0.15 each.
The price was reduced from C$0.20 as announced on May 15. At that time, Advanced Explorations said it would sell 5 million units.
Each unit consists of one common share and one non-transferable warrant. Each two-year warrant is exercisable at C$0.20 in the first year and at C$0.30 after that. The exercise prices have been reduced from C$0.30 and C$0.40, respectively.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | Up to C$1 million, C$448,000 in first tranche
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| Units: | 2,986,667 in first tranche
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| Price: | C$0.15
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20 in the first year, C$0.30 after that
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| Agent: | Non-brokered
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| Pricing date: | May 15
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| Settlement date: | July 31 for first tranche
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| Stock symbol: | TSX Venture: AXI
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| Stock price: | C$0.23 at close May 14, C$0.17 at close July 31
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| Market capitalization: | C$9.17 million
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