By Sheri Kasprzak
Atlanta, Feb. 7 - Axmin Inc. said it will head to the private placement market with a C$6.15 million offering.
The deal includes up to 10.25 million units at C$0.60 each. The units are comprised of one share and one half-share warrant.
The whole warrants allow for an additional share at C$0.75 each for 18 months.
Placement agent Haywood Securities Inc. has a greenshoe option on the deal for up to C$1.8 million, or 3.1 million units.
Axmin's major shareholder, Addax Mining Holdings BV, has agreed to subscribe for a minimum of its pro rata shareholding, currently 45.02%.
Based in Toronto, Axmin is a mineral exploration company focused on gold prospects in central and western Africa. The company plans to use the proceeds from ongoing exploration and development programs and for general corporate purposes.
| Issuer: | Axmin Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$6.15 million (maximum)
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| Units: | 10.25 million (maximum)
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.75
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| Greenshoe: | Up to 3.1 million units or C$1.8 million
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| Placement agent: | Haywood Securities Inc.
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| Investors: | Addax Mining Holdings BV (lead)
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| Pricing date: | Feb. 7
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| Stock price: | C$0.55 at close Feb. 4
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