Advanced GOLD Exploration Inc. Announces Private Placement
ADVANCED GOLD EXPLORATION INC. ANNOUNCES PRIVATE PLACEMENT
Toronto, Ontario – December 4, 2023, Advance d Gold Exploration Inc. (CSE: AUEX ) (“AUEX” or the
“Company”) is pleased to announce a concurrent non-brokered private placement (the “ Concurrent
Offering”) in addition to the financing announced November 27, 2023.
The Concurrent Financing will consist of up to 2,000,000 units (“ Units”) at a price of $0.05 per Unit for
aggregate gross proceeds of up to $100,000. Each Unit shall be comprised of one common share (each, a
“Common Share ”) in the capital of the Company and one common share purchase warrant (each, a
“Warrant”). Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of
$0.05 per Common Share for a period of five (5) years from the date of issuance.
The Company has also amended the terms of its previously announced non-brokered private placement.
The Offering will consist of up to 16,666,666 flow-through units (each, a “FT Unit”) at a price of $0.03 per
FT Unit for aggregate gross proceeds of up to $500,000 (the “Offering”).
Each FT Unit shall be comprised of one Common Share, issued on a flow -through basis (“FT Share”) and
one Common Share purchase warrant, issued on a non -flow-through basis (each, a “ FT Warrant”). Each
FT Warrant shall entitle the holder thereof to acquire one Common Share at a price of $0.05 per Common
Share for a period of five (5) years from the date of issuance. The FT Shares will qualify as “flow -through
shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada), which also qualify fo r
the Canadian government’s Critical Mineral Exploration Tax Credit. The Company may pay finder’s fees in
accordance with the rules and policies of the Canadian Securities Exchange
All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day
from the date of issuance and the resale rules of applicable securities legislation. The gross proceeds from
the sale of the FT Units will be used by the Company to incur eligible “Canadian exploration expenses”
that will qualify as “flow -through critical mineral mining expenditures” as such terms are defined in the
Income Tax Act (Canada). The gross proceeds from the sale of the Units will be used for general working
capital purposes.
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities
in the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act
and applicable state securities laws or an exemption from such registration is available.
Mr. Jim Atkinson CEO of AUEX remarks “We have received inquiries about equity financing and requests
to extend the time for the warrants. We have made these changes to accommodate potential
shareholders. As mentioned in our earlier Press Release the funds will be used to further explore our
Melba and Doyle Gold Projects and for general corporate expenditures related to the financing.”
In addition, the Company announces that further to its press releases of July 26, 2022, September 28,
2022, and June 20, 2023, it has entered into a second amending agreement (the “Amending Agreement”)
dated November 28, 2023, with Patrick Culhane (the “Optionor”) to amend certain option payment terms
of the original option agreement (the “Option Agreement”) dated June 21, 2021, as amended on June 16,
2023 to acquire a 75% legal and beneficial interest in certain mineral claims located in Melba Township
in the Kirkland Lake Area of Ontario (the “Property”).
Pursuant to the Amending Agreement, the Company must make a cash payment of $25,000 on or before
December 21, 2023 and issue 1,500,000 common shares in the capital of the Company (the “ Common
Shares”) on or before December 21, 2023 to the Optionor in order to exercise the Option. In consideration
for entering into the Amending Agreement, the Company will issue 500,000 Common Shares in the capital
of the Company at a deemed value of $0.07 per Common S hare. All securities issued in connection with
the Amending Agreement will be subject to a hold period of four months plus a day from the date of
issuance and the resale rules of applicable securities legislation. The completion of the transaction
remains subject to all regulatory and other approvals, including t he approval of the Canadian Securities
Exchange.
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: [email protected]
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 c urrent
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 bu siness 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.sedar.com. 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.