Advanced Gold Exploration Announces Completion of Debt Settlement
Advanced Gold Exploration Inc (CSE: AUEX) has completed a debt settlement announced on October 2, 2024. The company has settled an aggregate debt of $144,950 owed to an arm's length creditor by issuing 2,899,000 common shares at a price of $0.05 per share. This debt-for-equity swap is part of the company's efforts to improve its financial position. The newly issued common shares are subject to a four-month hold period, as per standard regulatory requirements. This move demonstrates Advanced Gold Exploration's strategy to manage its liabilities and strengthen its balance sheet without impacting its cash reserves.
Advanced Gold Exploration Inc (CSE: AUEX) ha completato una transazione di estinzione del debito annunciata il 2 ottobre 2024. La società ha saldato un debito complessivo di $144,950 verso un creditore terzo emettendo 2.899.000 azioni comuni a un prezzo di $0,05 per azione. Questo scambio di debito in cambio di azioni fa parte degli sforzi dell'azienda per migliorare la propria posizione finanziaria. Le nuove azioni comuni emesse sono soggette a un periodo di fermo di quattro mesi, secondo i requisiti normativi standard. Questa mossa dimostra la strategia di Advanced Gold Exploration di gestire le proprie passività e rafforzare il proprio bilancio senza intaccare le proprie riserve di liquidità.
Advanced Gold Exploration Inc (CSE: AUEX) ha completado un acuerdo de liquidación de deuda anunciado el 2 de octubre de 2024. La compañía ha liquidado una deuda total de $144,950 con un acreedor independiente mediante la emisión de 2,899,000 acciones comunes a un precio de $0.05 por acción. Este intercambio de deuda por capital es parte de los esfuerzos de la empresa para mejorar su posición financiera. Las nuevas acciones comunes emitidas están sujetas a un período de retención de cuatro meses, según los requisitos regulatorios estándar. Este movimiento demuestra la estrategia de Advanced Gold Exploration para gestionar sus pasivos y fortalecer su balance sin afectar sus reservas de efectivo.
Advanced Gold Exploration Inc (CSE: AUEX)는 2024년 10월 2일에 발표된 부채 청산 거래를 완료했습니다. 이 회사는 $144,950의 부채를 독립 채권자에게 갚기 위해 2,899,000주의 보통주를 주당 $0.05의 가격으로 발행했습니다. 이 부채-주식 전환은 회사의 재무 상태를 개선하기 위한 노력의 일환입니다. 새로 발행된 보통주는 표준 규제 요구사항에 따라 4개월의 보유 기간을 준수해야 합니다. 이러한 조치는 Advanced Gold Exploration이 자산을 관리하고 현금 유출에 영향을 주지 않으면서 재무 상태를 강화하려는 전략을 보여줍니다.
Advanced Gold Exploration Inc (CSE: AUEX) a achevé un règlement de dette annoncé le 2 octobre 2024. La société a réglé une dette totale de 144 950 $ envers un créancier tiers en émettant 2 899 000 actions ordinaires à un prix de 0,05 $ par action. Cet échange de dette contre des actions fait partie des efforts de l'entreprise pour améliorer sa situation financière. Les nouvelles actions ordinaires émises sont soumises à une période de blocage de quatre mois, conformément aux exigences réglementaires standard. Cette action démontre la stratégie d'Advanced Gold Exploration pour gérer ses passifs et renforcer son bilan sans impacter ses réserves de liquidités.
Advanced Gold Exploration Inc (CSE: AUEX) hat eine Schuldenregelung abgeschlossen, die am 2. Oktober 2024 bekannt gegeben wurde. Das Unternehmen hat eine Gesamtschuld von 144.950 $ gegenüber einem unabhängigen Gläubiger beglichen, indem es 2.899.000 Stammaktien zu einem Preis von 0,05 $ pro Aktie ausgegeben hat. Dieser Schulden-gegen-Eigenkapital-Tausch ist Teil der Bemühungen des Unternehmens, seine finanzielle Lage zu verbessern. Die neu ausgegebenen Stammaktien unterliegen einer viermonatigen Haltfrist, gemäß den üblichen regulatorischen Anforderungen. Dieser Schritt zeigt die Strategie von Advanced Gold Exploration, ihre Verbindlichkeiten zu verwalten und die Bilanz zu stärken, ohne die Barmittel zu beeinträchtigen.
- Reduced outstanding debt by $144,950 without using cash reserves
- Improved balance sheet by converting debt to equity
- Dilution of existing shareholders' ownership due to issuance of 2,899,000 new common shares
Toronto, Ontario--(Newsfile Corp. - October 11, 2024) - Advanced Gold Exploration Inc (CSE: AUEX) (the "Company") is pleased to announce that, further to its press release of October 2, 2024, it has settled an aggregate of
About Buck Lake
The Property is located approximately 62 linear km northeast of Sault Ste. Marie in the Province of Ontario. The Property consists of a total of 180 single-cell mining claims that covers 3,886 hectares located in Lunkie and Gapp Townships.
The Property is located in the Wawa-Abitibi Subprovince within of the Superior Province of Canada. The Property is situated within the Batchawana Greenstone Belt ("BGB") that comprises a small portion of the Wawa-Abitibi Subprovince. The BGB is an arcuate-shaped, expansive belt located in the southern-central part of the Wawa-Abitibi Subprovince on the eastern shore of Lake Superior. This BGB is an Archean-aged greenstone belt consisting of a thick succession of supracrustal rocks. The property is situated in the Batchawana Volcanic Domain which hosts prospective sequences of felsic and mafic volcanics.
The Technical Report Prepared by Mr. Mike Kilbourne in 2023 states that the geological environment of the Property is favourable for the presence of Archean volcanogenic massive sulphide deposits ("VMS"), iron deposits and orogenic gold deposits, namely banded iron formation ("BIF") hosted gold deposits due to the fact that BIF's are present on the Property. The focus of exploration has historically been on VMS-type deposits, but other deposit model types should not be dismissed.
The Property contains at least 8 areas of potential based on the presence of Base Metal Mineralization based on historical or recent activities. Including areas of copper and zinc mineralization.
An extensive stripping and channel sampling program over one of the zones in (the Noranda Trend) in 2022 identified several mineral horizons and provided invaluable clues to the geological environment of Cu-Zn mineralization. Highlights of the channel sampling include
These programs were followed-up by diamond drilling in 2022 consisting of 15 diamond drill holes totaling 2,545 m. The objective of the drilling was to test sulphide mineralization documented on surface at depth and along strike of the Noranda trend. The VLF anomalies outlined along the Noranda trend in 2022 were also tested.
Highlights of the drill program include
The success of this program prompted the expansion of the property to cover known airborne anomalies and other areas of past drilling which had identified base metal mineralization.
Mr. Jim Atkinson CEO of AUEX notes that "The Author of the 43-101 Technical Report has reviewed the available information on the property and has stated in the Report 'the following salient features of the Buck Lake Property makes this a property of high merit for VMS-type Cu-Zn deposits:
1. A greenstone belt hosting supracrustal Archean-aged rocks within the metal endowed Wawa-Abitibi Subprovince.
2. A geological environment consistent with other VMS deposits of the Wawa-Abitibi Subprovince which includes felsic to intermediate volcanics, dacitic flows, tuffs and breccias and sediments in an extensional arc environment.
3. Confirmed Cu-Zn bearing massive sulphide mineralization in surface channel sampling and diamond drilling.
4. Cu-Zn bearing +/- massive pyrite-pyrrhotite mineralization stratigraphically proximal to cherty exhalative horizons and BIF.
5. Limited modern-day VMS-deposit model exploration.'
This is very positive for the project. The author of the Technical Report goes on to say. "It is of the Author's opinion that the Property be continued to be explored for VMS-type massive sulphide deposits as indications are favorable for success."
About Melba
The Melba Property is the site of a former gold mine in the Kirkland Lake Area of Ontario which operated in the early 1900s and has a non-43-101 resource of approximately 50, 000 ounces of gold in underground workings. The mineralization comprises a series of NW trending gold-bearing quartz veins. The project has been sampled and drilled by AUEX (See Press Release Dated March 6, 2023) with gold in quartz veins and disseminated sulphide mineralization being confirmed. The known mineralization, which is exposed in an outcropping surrounded by swamp has not been explored to the north or south
About Doyle
The Doyle property is a Hemlo "look alike" in the Batchewana Greenstone Belt of Northern Ontario. Past drilling has encountered up to 42 g/t gold in quartz veins and disseminated pyrite zones. Over 37 drill holes and extensive IP and mapping have been undertaken on the property by past explorers, but the gold intersections have not been fully explored by modern methods. Recent EM and LiDAR surveys have pointed to potential shear zones associated with some of the gold zones. These form compelling targets for exploration.
About Advanced Gold Exploration Inc.
Advanced Gold Exploration (Formerly Advance United Holdings Inc.) brings an entirely different approach to the mining industry. We don't mine. Rather, we've acquired a portfolio of undervalued gold properties and are increasing their value through the application of modern technology. We have a growing pipeline of similar properties that we are looking to acquire. We are involved exclusively in the acquisition and advancement of past projects - with no intent to bring them back into production or to mine them ourselves. Our expertise is in identifying and acquiring undervalued properties with significant historical work, which were uneconomic at the time, but we believe have economic value at today's prices. We fund the re-working historic data and applying modern technology to underwrite new qualified reports, document quantifiable resources and reserves to current standards, thereby recognizing the current value. Our purpose is to bring immediate and long-term value to our partners and shareholders while seeking to eliminate exploration risk, so that we can all advance in the shortest possible time frame. For additional information about us, our projects, or to find out how we can assist in the advancement of your project contact our CEO.
Qualified Person
James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify all historic information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by others. The Qualified Person assumes that sampling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
Contact Information
James Atkinson, M.Sc., P. Geo.,
CEO Advanced Gold Exploration Inc.
Email: geomancer55@gmail.com
Tel: (647) 278-7502
Forward-Looking Information and Cautionary Statements
This news release may contain "forward-looking information" within the meaning of applicable securities laws relating to the trading of the Company's securities and the focus of the Company's business. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Forward-looking statements in this news release include statements regarding the Company's ability to increase the value of its current and future mineral exploration properties and, in connection therewith, any long-term shareholder value, the Company's ability to mitigate or eliminate exploration risk, and the Company's intention to develop a portfolio of historic gold properties. Readers are cautioned not to place undue reliance on forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Company will continue its business as described above. Readers are encouraged to refer to the Company's annual and quarterly management's discussion and analysis and other periodic filings made by the Company with the Canadian securities regulatory authorities under the Company's profile on SEDAR+ at www.sedarplus.ca. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226516
FAQ
What was the total debt settled by Advanced Gold Exploration (AUEX) in October 2024?
How many common shares did Advanced Gold Exploration (AUEX) issue for the debt settlement?
What was the price per share for the debt settlement by Advanced Gold Exploration (AUEX)?
Is there a hold period for the shares issued in the debt settlement by Advanced Gold Exploration (AUEX)?
