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Advanced Explorations Inc. Announces Amendment to Convertible Debenture Agreement
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) (FRANKFURT:AE6) announced today that it has entered into an memorandum of understanding with XinXing Pipes (Hong Kong) Co. Limited, a subsidiary of XinXing Ductile Iron Pipes Group Co. Ltd. (collectively, "XDIP") pursuant to which the Parties have agreed to amend the terms of the Convertible Debenture Agreement (the "Debenture") dated March 2, 2012.
The Company and XDIP have agreed in principle to defer the maturity date of the Debenture until March 2, 2015 in order to allow the Company flexibility in its operations for the next 12 months. In consideration of this deferral, the Debenture shall accrue interest at a rate of 4% per annum commencing from the original March 2, 2014 maturity date.
In line with the terms of the original Debenture, the definitive amendment agreement shall restrict XDIP's conversion rights at the maturity date to 19.84% of the total outstanding common shares of the Company. The conversion price with be based on the previous 5 day closing average on the day of conversion subject to TSX minimum price conversion requirements of $0.10 per share. The terms of the memorandum of understanding are subject to the execution of a definitive agreement and requisite approvals from the TSX Venture Exchange.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO