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advanced explorations inc (AXI) Snapshot

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52 Week High
11/18/13 - C$0.13
52 Week Low
10/6/14 - C$0.03
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advanced explorations inc (AXI) Details

Advanced Explorations Inc., a development stage company, engages in the acquisition, exploration, and development of mineral properties in Canada. The company focuses on the exploration of Roche Bay and Tuktu iron ore projects located on the Melville Peninsula in Nunavut. It has a strategic partnership with XinXing Ductile Iron Pipes Co., Ltd. to complete a feasibility study with respect to the Roche Bay project. The company is based in Toronto, Canada.

advanced explorations inc (AXI) Top Compensated Officers

Chairman and President
Total Annual Compensation: C$115.3K
Chief Financial Officer
Total Annual Compensation: C$75.8K
Vice President of Technology & Engineering
Total Annual Compensation: C$210.0K
Compensation as of Fiscal Year 2013.

advanced explorations inc (AXI) Key Developments

Advanced Explorations Inc. Presents at Renewables and Mining Summit, Oct-15-2014 through Oct-16-2014

Advanced Explorations Inc. Presents at Renewables and Mining Summit, Oct-15-2014 through Oct-16-2014. Venue: Toronto, Ontario, Canada. Presentation Date & Speakers: Oct-15-2014, John Cater Gingerich, Chairman and President. Oct-16-2014, John Cater Gingerich, Chairman and President.

Advanced Explorations Inc., Annual General Meeting, Jul 10, 2014

Advanced Explorations Inc., Annual General Meeting, Jul 10, 2014., at 14:00 US Eastern Standard Time. Location: office of Advanced Explorations Inc., Suite 2828, 401 Bay Street. Agenda: To consider the audited financial statements for the period ending December 31, 2013 and December 31, 2012, together with the auditor's report thereon; to appoint auditors for the ensuing year and to authorize the board of directors to fix the remuneration to be paid to the auditors; to elect the board of directors for the ensuing year; to consider an ordinary resolution re-approving and confirming the stock option plan, including reserving for issuance under the Stock Option Plan at any time of a maximum of 10% of the issued and outstanding shares, in accordance with TSX Venture Exchange policies; to consider and approve the formation of a joint venture pursuant to a cooperation agreement with Parkson Star Ltd. (HK), providing for the advancement of the company's Roche Bay Iron Ore Project located on the Melville Peninsula, Nunavut, into production; and to transact such other business as may properly come before the Meeting or any adjournment thereof.

Advanced Explorations Inc. and Parkson Star Ltd. Agree to Form Strategic Joint Venture to Advance the Roche Bay Iron Ore Project

Advanced Explorations Inc. announced that it has signed a memorandum of understanding with Parkson Star Ltd. for the joint development of the Company's Roche Bay Iron Ore Project into production. Pursuant to the Cooperation Agreement, AEI will commence the formation of a subsidiary corporation named Savik Iron Mines Ltd. ('Savik') in a jurisdiction agreed upon by the parties. Upon receipt of requisite approvals, AEI shall effect the transfer of its interest in the Roche Bay and Tuktu Projects to Savik and, subject to making initial capital injections into Savik and fulfilling certain capital funding (CAPEX) obligations, Parkson shall have the right to earn an 80% equity interest in Savik. AEI shall retain a 20% interest in Savik as free carry until the substantial completion of the mine and attainment of first commercial production. Additionally, under the terms of the Cooperation Agreement, AEI shall assign $13.3 million in corporate debts to Savik, including the outstanding convertible debentures held by XinXing Ductile Iron Pipe Co. Ltd. ('XDIP') and any interest accrued thereon. The parties have also agreed to complete a definitive Joint Venture Agreement and ancillary agreements upon the satisfactory conclusion of due diligence and the capitalization and formation of Savik. In order to fund general and administrative expenses and legal costs related to the completion of the transaction as outlined, Parkson shall effect a non-brokered private placement in the Company totaling CAD 600,000.


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