Advanced Explorations Inc.
TSX VENTURE : AXI
FRANKFURT : AE6
January 10, 2012 03:00 ET
Advanced Explorations Receives Update on $5 Million Convertible
Debenture Financing through XinXing Pipes Group
TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Advanced
Explorations Inc. (the "Company" or "AEI") (TSX
VENTURE:AXI)(FRANKFURT:AE6) is pleased to provide a status update
with respect to its previously announced $5 Million convertible
debenture financing (the "Financing") involving strategic partner
XinXing Ductile Iron Pipes Co. Ltd. ("XDIP"), (as press released
October 31, 2011).
XDIP has advised AEI that it proposes to establish a specific
purpose, wholly-owned Hong Kong based subsidiary for purposes of
completing the Financing transaction. In a press release dated
January 7th, 2012, XDIP indicated that the Hong Kong company will
serve as a platform for the successful completion of the Financing
and will also help facilitate the development of the Roche Bay Iron
Project. The formation of this subsidiary is necessary to obtain
required Chinese government consents and approvals, and XDIP is
confident in securing same in a timely manner. In addition, the
proposed change is subject to the receipt of any required stock
exchange and corporate approvals in Canada. AEI is currently
seeking such approvals.
John Gingerich, President and CEO, commented:
"We are very pleased with the demonstrated commitment of XDIP to
complete the Convertible Debenture financing as quickly as possible
and appreciate the efforts of our Partner in resolving this
bottleneck. This approach appears to be the best solution for
ensuring a timely closure of the Financing and will also help in
facilitating our future development plans. In the meantime, AEI
will continue to move forward with the Feasibility Study and work
with XDIP on moving the Roche Bay Project toward production".
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
Quelle:
http://www.marketwire.com/press-release/advanced-exploration…
(Kleine Auffrischung für das
Kommende!)