AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

June 09, 2008 15:40 ET

AXMIN Announces Closing of Second Tranche and Increase in Size of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - June 9, 2008) - AXMIN Inc. (TSX VENTURE:AXM) wishes to announce that it has closed the second tranche of its previously announced non-brokered private placement. Today's closing consisted of 5,572,628 Units at a price of Cdn$0.40 per Unit, for aggregate gross proceeds of Cdn$2,220,051.20 million. Each Unit consists of one common share plus one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of Cdn$0.57 expiring on June 9, 2010. Insiders took 125,000 Units of the second tranche of the placement. Post completion of the closing of the second tranche of the placement the Company has now issued an aggregate of 20,572,628 Units.

AXMIN also wishes to announce an increase in the size of the placement by an additional 5,000,000 Units for additional gross proceeds of Cdn$2 million. The offering size has therefore increased from 25,000,000 Units for aggregate gross proceeds of Cdn$10 million (as previously announced) to 30,000,000 Units for aggregate gross proceeds of Cdn$12 million. The increased placement is subject to approval of the TSX Venture Exchange and will close, together with remaining portion of the previously announced placement, in one or more tranches, as soon as practicable.

The net proceeds of the placement will be used for ongoing development and exploration programs and for general corporate purposes.

Common shares acquired under the placement are subject to a four-month hold period. Post-completion of the second tranche of the placement AXMIN has a total of 236,185,862 common shares issued and outstanding.

About AXMIN

AXMIN is a Canadian gold and iron ore exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to begin production at its Passendro Gold Project, Central African Republic in the third quarter of 2010. AXMIN is well positioned to grow in value as it develops its exceptional project pipeline of gold and iron ore projects in parallel pursuing new opportunities to increase its asset base. For more information regarding AXMIN visit our website at www.axmininc.com.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN's expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    (416) 304-6608 (Direct)
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993
    Email: ir@axmininc.com
    Website: www.axmininc.com