AXEA Energy Inc.

AXEA Energy Inc.

November 26, 2007 15:17 ET

AXEA Energy Inc. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - AXEA Energy Inc. ("AXEA" or the "Company") is pleased to announce that it has completed its initial public offering (the "Offering") of 2,000,000 common shares of the Company ("Shares") at a price of $0.10 per share resulting in gross proceeds of $200,000. Canaccord Capital Corporation ("Canaccord") acted as the Company's agent in connection with the Offering.

The TSX Venture Exchange (the "Exchange") has approved the listing of the Company's Shares and has advised that trading of the Shares will commence at market opening on Tuesday, November 27, 2007 under the symbol "AXT.P". Pacific Corporate Trust Company, at its office in Vancouver, British Columbia, is the Registrar and Transfer Agent for the Shares.

As a capital pool company, AXEA will use the net proceeds of the Offering to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction in accordance with the Exchange's Policy 2.4.

On the closing of the Offering, the Company also granted Canaccord and its sub-agent compensation options to purchase up to a total of 200,000 Shares at a price of $0.10 per share with an expiry date of November 27, 2009, and granted stock options to the officers and directors of the Company to acquire up to a total of 600,000 Shares at an exercise price of $0.10 per share with an expiry date of November 23, 2012.

As compensation for its services as agent, Canaccord also received an administration fee and a commission equal to 10% of the gross proceeds of the Offering.

Gilbert G. Schneider, President, Chief Executive Officer, Chief Financial Officer and Secretary

On behalf of the Company

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • AXEA Energy Inc.
    Gilbert G. Schneider, President, Chief Executive Officer,
    Chief Financial Officer and Secretary
    (604) 484-5761
    (604) 484-5760 (FAX)
    Email: axeaenergy@gmail.com