Axmin arranges $250K private placement, grants options 2022-04-14 01:52 ET - News Release
Ms. Lucy Yan reports
AXMIN INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING AND GRANT OF STOCK OPTIONS
Axmin Inc. has arranged a non-brokered private placement of common shares of the company at three cents per share, up to approximately $250,000.
The net proceeds from the offering will be used for the company's working capital and general corporate purposes, and funds will not primarily be used to pay management fees or for investor relations activities.
The offering is expected to close on or about May 27, 2022. Closing of the offering is conditional upon receipt of all required approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will be subject to a statutory hold period of four months and a day from the closing date of the offering in accordance with applicable securities laws.
Certain officers and directors of the company are expected to subscribe under the offering on the same terms as arm's-length investors. The participation of such directors and officers in the offering will constitute a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities that will be issued to directors and officers of the company, nor the fair market value of the consideration for the securities that will be issued to directors and officers of the company will exceed 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. The company will not be able to file a material change report containing all of the disclosure required by MI 61-101 more than 21 days before the expected closing date of the offering as the aforementioned insider participation has not been confirmed and the company wishes to close the offering as expeditiously as possible.
Axmin also announces the granting of an aggregate of 3.2 million stock options to directors and officers of the company exercisable at five cents, effective April 13, 2022. The options shall expire and terminate on April 12, 2027.
These stock options have been granted in accordance with the company's updated stock option plan. Immediately following this award of stock options, the company has issued and outstanding stock options to acquire 9.9 million common shares of the company, and there remain 3,943,738 stock options of the company available for future grant.
About Axmin Inc.
Axmin is a Canadian exploration and development company with a strong focus on central and West Africa.
We seek Safe Harbor.