Toronto-based Advanced Explorations Inc. (AEI) announced the closing of the $2.8 million private placement with Shandong Fulun Steel Co. Ltd. The placement is part of a broader cooperation commitment. AEI issued seven million units at $0.40 per unit in the capital stock of AEI to Fulun Steel. Each unit consists of one common share and one non-transferable common share purchase warrant exercisable within four months from the closing date of the offering. Fulun Steel is entitled to convert each whole warrant to one common share of the company at the price of $0.55 per common share. Conditional on the exercise of all warrants by Fulun Steel will earn the right to 19% of the off-take on iron products. AEI is a resource development company focused on developing its flagship Roche Bay Project in Nunavut.