Axion Minerals Corp Announces Private Placement Offering
News related to:Axion Minerals Corp · 1 min read
Axion Minerals Corp., a company engaged in mineral exploration and the acquisition of mineral property assets in Canada, has announced a non-brokered private placement offering. The company plans to issue up to 3,384,615 flow-through units (FT Units) at a price of $0.13 per unit, raising a maximum of $440,000 in gross proceeds. Each FT Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant.
The flow-through common shares are intended to qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), allowing the company to incur eligible Canadian exploration expenses. Each warrant will be exercisable for one non-flow-through common share at an exercise price of $0.14 per share, with a term of 24 months from the date of issuance. The securities issued in connection with the FT Units will be subject to a four-month and one-day statutory hold period, in accordance with applicable Canadian securities laws.
The funds raised through this private placement will be used to finance eligible Canadian exploration expenses related to the company’s mineral projects, specifically the Cranberry Creek REE property, which consists of three contiguous mineral claims covering approximately 2,673.19 hectares in the Kamloops Mining Division, British Columbia.
Axion Minerals Corp. emphasizes that the securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable United States state securities laws. Therefore, they may not be offered or sold in the United States without registration or an applicable exemption from such registration requirements.
Axion Minerals Corp. is committed to advancing its exploration activities and developing economic mineral properties of merit.
The company’s next steps will involve securing the necessary corporate and regulatory approvals to proceed with the private placement. Axion Minerals Corp. will provide further updates as the process progresses.