Advanced Explorations Inc. Announces Shares for Service Agreement
TORONTO, ONTARIO -- (Marketwired) -- 07/09/13 -- Advanced
Explorations Inc. (the "Company" or "AEI") (TSX
VENTURE:AXI)(FRANKFURT:AE6) today announced its intention to settle
outstanding consulting fees for past services rendered in the
aggregate amount of $15,000 by way of the issuance of common shares
at a deemed issue price of $0.05. This settlement was made at the
election of the consultant pursuant to the terms of its engagement
agreement with the Company. The consultant is an arm's length party
to the Company.
The completion of the settlement is subject to approval from the TSX
Venture Exchange. In accordance with applicable securities
legislation, the securities issued pursuant to the settlement are
subject to a hold period of four months plus one day from the date of
completion of the settlement.
ON BEHALF OF THE BOARD
Bernie Swarbrick, Acting President
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource
development company focused on developing its Roche Bay and Tuktu
Iron Ore Projects in one of the world's largest developing iron ore
districts, the Melville Peninsula in Nunavut. The Ocean-based Roche
Bay Project boasts an NI 43-101 compliant resource estimate of over
500 million tonnes outlined within a small portion of the potential
140 km of banded iron formation. A positive feasibility study for the
project's C Zone revealed a net present value of $642M on a base case
5.5 Mtpa start-up concentrate operation and substantial upside
potential including becoming a low quartile cost producer. To date,
the Company has delineated over 1 billion tonnes of iron under NI
43-101 among its Roche Bay and Tuktu deposits and continues to
explore other targeted deposits in areas to the north, south and west
of Roche Bay. The management team has extensive technical,
exploration and Canadian Arctic mining expertise to effectively
develop the high quality iron ore opportunities on the Melville
This news release also includes forward-looking statements that
involve a number of risks and uncertainties. The information reflects
numerous assumptions as to industry performance, general business and
economic conditions, regulatory and legal requirements, taxes and
other matters, many of which are beyond the control of the company.
Similarly, this information assumes certain future business decisions
that are subject to change. There can be no assurance that the
results predicted here will be realized. Actual results may vary from
those represented, and those variations may be material.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
Advanced Explorations Inc.
(416) 203-0057 x320
Press spacebar to pause and continue. Press esc to stop.