By Devika Patel
Knoxville, Tenn., Aug. 14 - Advanced Explorations Inc. said it raised C$1.4 million in the first tranche of a C$1.8 million private placement of units. The deal priced Aug. 10.
The company is selling 10 million units at C$0.18 each. It sold 7,777,775 units in this tranche. Each unit consists of one flow-through common share and one warrant. Each warrant is exercisable at C$0.15 for one year.
Proceeds will be used for exploration.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$1.8 million
|
| Units: | 10 million
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 14 (for C$1.4 million)
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$0.185 at close Aug. 7
|
| Market capitalization: | C$10.5 million
|
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