Advanced Explorations Inc. ADEXF

NEWS RELEASE

[crazyanalyst]

2013-09-27 12:33 ET - News Release

 

Mr. Bernie Swarbrick reports

ADVANCED EXPLORATIONS INC. ANNOUNCES INSIDER LED NON-BROKERED PRIVATE PLACEMENT

Advanced Explorations Inc. plans to complete a non-brokered private placement of up to 4.5 million units at a price of five cents per unit for gross proceeds up to $225,000. Each unit comprises one common share of the company and one common share purchase warrant, with each warrant being exercisable to acquire one common share of the company at a price of 10 cents for a period of 24 months following the closing date of the offering. This financing is expected to close by Oct. 7, 2013.

As AEI anticipates that insiders of the company will subscribe for greater than 25 per cent of the private placement, the issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company intends to rely on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect to insider participation. No commissions or finders' fees will be paid in connection with the private placement.

[Shlinker_]

Its all good and fine insiders will purchase upto ~55k of this private placement. WHAT about the old paper insiders? I see Gingerich owns a wack of shares. WHY NOT BUY SHARES ON THE EXISTING FLOAT? how about it guys? Bernie? Leo? others?