By Devika Patel
Knoxville, Tenn., May 27 - Axmin Inc. said it is increasing a non-brokered private placement to raise C$9.6 million. The deal priced for C$6 million on May 12, and the company amended the units' terms on May 20.
The company had planned to sell 15 million units at C$0.40 apiece. It now will sell 25 million units.
Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.57 for two years.
Previously, the company had intended to include whole warrants in each unit, exercisable at C$0.47 apiece.
Proceeds will be used for ongoing development and exploration programs and for general corporate purposes.
Based in Toronto, Axmin is a mineral exploration company.
| Issuer: | Axmin Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$9.6 million
|
| Units: | 25 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.57
|
| Agent: | Non-brokered
|
| Pricing date: | May 12
|
| Amended: | May 20
|
| Upsized: | May 27
|
| Stock symbol: | TSX Venture: AXM
|
| Stock price: | C$0.455 at close May 9
|
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