Advanced Explorations Inc. (TSX-V: AXI; OTC Other: ADEXF) announced today that it has received US$5,000,000 from its strategic partner XinXing Ductile Iron Pipes Co. Ltd. as part of its Convertible Debenture 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.
In the release, John Gingerich, President & CEO for Advanced 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.”
AXI shares are up nicely today on much higher than average volume. We fully expect this project to recieve even more attention as they march towards the completion of their feasiblity study and this massive project moves closer to iron production.