AXCP...News
Axcap Ventures closes final tranche of financing
2025-02-03 17:24 PT - News Release
An anonymous director reports
AXCAP VENTURES CLOSES THIRD AND FINAL TRANCHE OF PREVIOUSLY ANNOUNCED OVERSUBSCRIBED SPECIAL WARRANT NON-BROKERED OFFERING
Axcap Ventures Inc., on Feb. 3, 2025, has closed the third and final tranche of its previously announced non-brokered private placement financing. Pursuant to the third tranche, the company issued 5.54 million special warrants at a price of 20 cents per special warrant for the gross proceeds of $1,108,000.
Pursuant to the offering, the company has previously closed a first tranche on Dec. 10, 2024, and a second tranche on Dec. 27, 2024. Including the first, second and third tranches, the company has issued an aggregate of 79,143,500 special warrants for a total gross proceeds of $15,828,700 in connection with the offering.
Each special warrant will automatically convert into one unit of the company, as described below. Each unit shall consist of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one share at a price of 20 cents per share for a period of five years following the closing date. See the company's news release on Oct. 15, 2024, and subsequent news releases on Nov. 4, 2024, Dec. 12, 2024, and Dec. 27, 2024.
Each special warrant will automatically convert, for no additional consideration, into one unit on the date that is the earlier of: (i) the third business day after (a) a receipt for a final prospectus or (b) the date of filing a prospectus supplement to a short form base shelf prospectus qualifying the distribution of the shares and warrants issuable upon the conversion of the special warrants; or (ii) four months and one day after the issue date of the special warrants. In connection with the third tranche of the offering, the company paid finders' fees to eligible finders consisting of $7,000 in cash and issued an aggregate of 91,000 finders' warrants. Each finder's warrant is exercisable to acquire one common share of the company at an exercise price of 20 cents per common share for a period of five years.
The company intends to use the net proceeds from the offering to advance its portfolio of investments in the mineral exploration space, as well as for working capital and general corporate purposes, including further investments in technology, industrial and natural resource projects.
The company is an investment company, the primary objective of which is to identify promising companies with excellent projects, innovative technologies or both, using management's extensive experience in deal sourcing and capital combination to maximize returns for the company's shareholders. The company will invest its funds with the aim of generating returns from capital appreciation and investment income. It intends to accomplish these goals through the identification of and investment in securities of private and publicly listed entities across a wide range of sectors and industry areas, including, but not limited to, the mineral exploration, technology, software development and biotechnology industries.
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