By Devika Patel
Knoxville, Tenn., Sept. 27 - Advanced Explorations Inc. announced it plans to raise C$5 million in a non-brokered private placement of units.
The company will sell an estimated 3,448,276 units at C$1.45 each. Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$2.00 for two years.
Advanced Explorations may pay a commission of up to 8% in cash and compensation warrants.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 3,448,276 (approximate)
|
| Price: | C$1.45
|
| Warrants: | One half warrant per unit
|
| Warrant strike price: | C$2.00
|
| Warrant expiration: | Two years
|
| Pricing date: | Sept. 27
|
| Agent: | Non-brokered
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$1.50 at close Sept. 26
|
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