Non-brokered deal sells 28 million units of one share and one warrant
By Devika Patel
Knoxville, Tenn., Feb. 21 - Advanced Explorations Inc. said it raised C$500,000 in the second tranche of a C$1.4 million non-brokered private placement of units. The deal priced on Nov. 11 and took in C$500,000 on Dec. 17.
The company is selling 28 million units of one common share and one warrant at C$0.05 per unit. It sold 10 million units in the first tranche and 10 million units in the second tranche.
Each warrant is exercisable at C$0.10 for two years. The strike price represents a 100% premium to the C$0.05 closing share price on Nov. 8.
Advanced Explorations is a Toronto-based iron exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.4 million
|
| Units: | 28 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 11
|
| Settlement date: | Dec. 17 (for C$500,000), Feb. 21 (for C$500,000)
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$0.05 at close Nov. 8
|
| Market capitalization: | C$13.07 million
|
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