Advanced Gold Exploration Announces Debt Settlement
Advanced Gold Exploration Inc (CSE: AUEX) has announced plans to settle $144,950 of debt through the issuance of 2,899,000 common shares at $0.05 per share. The shares will be subject to a four-month hold period, pending final acceptance from the Canadian Securities Exchange.
The company also issued a correction to its August 26, 2024 press release, stating that the previously announced non-brokered private placement of 8,200,000 flow-through units and 3,260,000 units, raising $286,500, closed on September 3, 2024. This offering involved a related party transaction, with an insider acquiring 2,060,000 units. The company relied on exemptions from valuation and minority shareholder approval requirements as per MI 61-101.
Advanced Gold Exploration Inc (CSE: AUEX) ha annunciato piani per estinguere un debito di $144,950 attraverso l'emissione di 2,899,000 azioni ordinarie a $0.05 per azione. Le azioni saranno soggette a un periodo di blocco di quattro mesi, in attesa dell'accettazione finale dalla Borsa Valori Canadese.
L'azienda ha anche emesso una correzione al suo comunicato stampa del 26 agosto 2024, affermando che il precedente collocamento privato non intermediato di 8,200,000 unità flow-through e 3,260,000 unità, che ha raccolto $286,500, si è concluso il 3 settembre 2024. Questa offerta ha coinvolto una transazione con parti correlate, con un insider che ha acquisito 2,060,000 unità. L'azienda si è avvalsa di esenzioni dai requisiti di valutazione e approvazione degli azionisti di minoranza secondo il MI 61-101.
Advanced Gold Exploration Inc (CSE: AUEX) ha anunciado planes para liquidar una deuda de $144,950 mediante la emisión de 2,899,000 acciones ordinarias a $0.05 por acción. Las acciones estarán sujetas a un período de retención de cuatro meses, a la espera de la aceptación final por parte de la Bolsa de Valores de Canadá.
La compañía también emitió una corrección a su comunicado de prensa del 26 de agosto de 2024, declarando que el colocación privada no intermediada previamente anunciada de 8,200,000 unidades flow-through y 3,260,000 unidades, que recaudó $286,500, se cerró el 3 de septiembre de 2024. Esta oferta implicó una transacción de partes relacionadas, con un interno adquiriendo 2,060,000 unidades. La empresa se apoyó en exenciones de los requisitos de valoración y aprobación de accionistas minoritarios de acuerdo con el MI 61-101.
Advanced Gold Exploration Inc (CSE: AUEX)는 $144,950의 부채를 2,899,000주 보통주를 주당 $0.05에 발행하여 상환할 계획을 발표했습니다. 이 주식은 캐나다 증권 거래소의 최종 승인을 기다리는 동안 4개월의 보유 기간이 있습니다.
회사는 또한 2024년 8월 26일자 보도 자료에 대한 수정 사항을 발표하며, 이전에 발표된 8,200,000 흐름 단위와 3,260,000 단위의 비중 중개 사모 배급이 $286,500을 모금한 후 2024년 9월 3일에 종료되었다고 밝혔습니다. 이 제안은 관련 당사자 거래를 포함하며, 내부자가 2,060,000 단위를 인수했습니다. 회사는 MI 61-101에 따라 평가 및 소액 주주 승인 요건의 면제를 받았습니다.
Advanced Gold Exploration Inc (CSE: AUEX) a annoncé des plans pour régler une dette de $144,950 par l'émission de 2,899,000 actions ordinaires à $0.05 par action. Les actions seront soumises à une période de blocage de quatre mois, en attendant l'acceptation finale de la Bourse canadienne des valeurs mobilières.
L'entreprise a également émis une correction à son communiqué de presse du 26 août 2024, déclarant que le placement privé non intermédiaire précédemment annoncé de 8,200,000 unités flow-through et 3,260,000 unités, ayant levé $286,500, a été clôturé le 3 septembre 2024. Cette offre impliquait une transaction entre parties liées, un initié ayant acquis 2,060,000 unités. L'entreprise s'est fondée sur des exemptions des exigences d'évaluation et d'approbation des actionnaires minoritaires selon le MI 61-101.
Advanced Gold Exploration Inc (CSE: AUEX) hat Pläne angekündigt, eine Schuld von $144,950 durch die Ausgabe von 2,899,000 Stammaktien zu einem Preis von $0.05 pro Aktie zu begleichen. Die Aktien unterliegen einer viermonatigen Haltedauer, bis die endgültige Genehmigung durch die Canadian Securities Exchange erfolgt.
Das Unternehmen gab zudem eine Berichtigung zu seiner Pressemitteilung vom 26. August 2024 bekannt, in der es heißt, dass die zuvor angekündigte nicht vermittelte Privatplatzierung von 8,200,000 Flow-Through-Einheiten und 3,260,000 Einheiten, die $286,500 eingeworben hat, am 3. September 2024 abgeschlossen wurde. Dieses Angebot beinhaltete eine Transaktion mit verbundenen Parteien, wobei ein Insider 2,060,000 Einheiten erwarb. Das Unternehmen berief sich auf Ausnahmen von den Bewertungs- und Genehmigungsanforderungen für Minderheitsaktionäre gemäß MI 61-101.
- Debt reduction of $144,950 through share issuance
- Successful closure of private placement raising $286,500
- Potential dilution of existing shareholders due to new share issuance
- Related party transaction in private placement may raise governance concerns
Toronto, Ontario--(Newsfile Corp. - October 2, 2024) - Advanced Gold Exploration Inc (CSE: AUEX) (the "Company") is pleased to announce it intends to settle an aggregate of
In addition, the Company wishes to make a correction to it's press release of August 26, 2024. The Company non-brokered private placement of 8,200,000 flow-through units (each, a "FT Unit") and 3,260,000 units (the "Units") in the capital of the Company for gross proceeds of
The Offering constituted a related party transaction as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as an insiders of the Company acquired 2,060,000 Units. The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed
No special committee was established in connection with the Offering, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
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:
- A greenstone belt hosting supracrustal Archean-aged rocks within the metal endowed Wawa-Abitibi Subprovince.
- 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.
- Confirmed Cu-Zn bearing massive sulphide mineralization in surface channel sampling and diamond drilling.
- Cu-Zn bearing +/- massive pyrite-pyrrhotite mineralization stratigraphically proximal to cherty exhalative horizons and BIF (Figure 8.1, right-hand side) (Photo 7).
- 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/225430
FAQ
How much debt is Advanced Gold Exploration (AUEX) settling through share issuance?
When did Advanced Gold Exploration (AUEX) close its private placement?
Was there a related party transaction in Advanced Gold Exploration's (AUEX) recent private placement?
