Credit: Shutterstock photoAdvanced Explorations Inc. (AXI.V) today announced that following recent discussions with its Board and XinXing Ductile Iron Pipes Group Co. Ltd., it plans to transfer its Roche Bay iron ore assets into a holding company that will be 100% held by Advanced Explorations Inc. The Company has reserved the name "Savik Iron Mines Limited" as the name for the holding company which will act as the operating and funding vehicle for Roche Bay.
AXI anticipates utilizing Savik and/or similar structures for the management of its other iron ore assets, and further believes this restructuring will provide added corporate flexibility in the management and direct funding of its various iron ore projects. The intent is to form an independent management team with the appropriate skills sets and experience related to the go forward requirements (construction/operation) of the Roche Bay Project. AXIawaits final direction from its partner XDIP as to how its potential interest in Savik is to be structured.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
