Axmin plans C$20 million private placement of shares

By Sheri Kasprzak

New York, Nov. 23 - Axmin Inc. said it plans to raise C$20 million in a private placement.

RBC Capital Markets Inc. is the placement for the stock offering, the pricing details of which have not yet been set.

Axmin's major shareholder, Addax Mining Holdings BV, plans to participate in the deal, which is expected to close in December.

Proceeds from the offering will be used for an ongoing pre-feasibility study on the Passendro gold project in the Central African Republic. The proceeds will also be used for ongoing exploration elsewhere.

Based in Vancouver, B.C., Axmin is a mineral exploration company.

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