TORONTO, ONTARIO–(Marketwire – March 2, 2012) – Advanced Explorations Inc. (the “Company” or “AEI”) is pleased to announce that it has received US$5,000,000 from its strategic partner XinXing Ductile Iron Pipes Co. Ltd. (“XDIP”) as part of its Convertible Debenture Financing (the “Financing”) (as press released October 31th, 2011 and January 10th, 2012). The 24-month debenture is interest free to AEI and is convertible by XDIP at a minimum price of $0.45 per share. The closing of the Financing remains subject to acceptance by the TSX Venture Exchange.
John Gingerich, President & CEO, commented:
“We are very pleased with the diligent efforts of our partner to work through the approval process in China and bringing this financing to a close. Our focus remains on completing the feasibility study for our Roche Bay Project and to move this asset forward to production.”
In addition, the Company will present at the Canada-China Investment Forum, organized by Natural Resources Canada in conjunction with the Canadian Embassy in Beijing and the Ministry of Land and Resources of the People’s Republic of China, on Tuesday, March 6th, 2012 at the Hyatt Regency Hotel in Toronto.
The Company will also be exhibiting at the upcoming Prospectors and Developers Association of Canada convention in Toronto from March 4th to March 7th, 2012. Those in attendance can meet with AEI representatives at booth 3342.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO