Advanced Explorations revises convertible debentures held by XinXing

Company defers maturity date until March 2, 2015, amends coupon to 4%

By Devika Patel

Knoxville, Tenn., March 3 - Advanced Explorations Inc. said it has agreed to amend the convertible debentures that are held by XinXing Pipes (Hong Kong) Co. Ltd. The convertibles were sold in a private placement on March 2, 2012.

The company and investor have agreed to defer the maturity date of the debenture until March 2, 2015 in order to allow the company flexibility in its operations for the next year. In consideration of this deferral, the debenture will accrue interest at 4% per annum beginning on the original March 2, 2014 maturity date.

The conversion price with be based on the previous five-day closing average on the day of conversion with a minimum price requirement of C$0.10 per share.

Advanced Explorations is a Toronto-based iron exploration company.

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