Advanced Explorations Inc. announce a private placement offering to accredited investors. Subject to TSX Venture Exchange approval the company intends to raise up to $1,800,000 worth of flow through funds for a total of up to 10,000,000 flow-through units at $0.18 per Unit. The gross proceeds raised from the flow-through funds will be used for exploration
expenditures in the company's Nunavut, Canada, Roche Bay Magnetite Project.
Advanced Explorations announced positive economics from a Preliminary Economic Assessment of its Roche Bay Magnetite project located on the east coast of the Melville Peninsula in Nunavut, Canada. Highlights include: Annual production of 1 million tonnes of high value 96% - 98% Fe direct reduced iron ("DRI") nuggets; Net Present Value ("NPV") before taxes at a 10% discount rate:US $1.16 billion at US $500 / tonne nugget with a Pre-tax Internal Rate of Return ("IRR") of 24.4 % at US $500 / tonne nugget; Project payback of approximately three to five years on base case assumptions.
Advanced or Above