By Devika Patel
Knoxville, Tenn., June 13 - Axmin Inc. said it completed a C$11.99 million non-brokered private placement of units, raising C$3.77 million in the third tranche. The company took in C$6 million in the first tranche on June 3 and C$2.22 million on June 9.
The deal priced for C$6 million on May 12 and the company amended the unit terms on May 20 and increased the total deal size to C$10 million on May 27.
In the first tranche, Axmin sold 15 million units at C$0.40 apiece. It sold 5,572,628 units in the second tranche and 9,427,372 units in the third for a total of 29,977,500 units.
The company planned to sell 25 million units, increased from the original size of 15 million units.
Each unit consists of one common share and one half-share warrant. The whole warrants are 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$11,991,000
|
| Units: | 29,977,500
|
| 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
|
| Settlement date: | June 3 (for C$6 million), June 9 (for C$2,220,051.20), June 13 (for C$3,770,948.80)
|
| Stock symbol: | TSX Venture: AXM
|
| Stock price: | C$0.455 at close May 9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
