AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

June 09, 2010 09:51 ET

AXMIN Announces Shareholder Approval of Proposed Change of Management and Directors

TORONTO, ONTARIO--(Marketwire - June 9, 2010) - AXMIN Inc. ("the Company") (TSX VENTURE:AXM) is pleased to announce that it has obtained the written consent of shareholders who own at least 50.1% of the outstanding common shares of the Company to the change of management described in the Company's press release of June 3, 2010, which change of management is to occur in connection with the acquisition by AXMIN of all the outstanding securities of AfNat Resources Limited ("AfNat") by way of a scheme of arrangement under the laws of Bermuda (the "Transaction"). It is anticipated the change in management of the Company will, assuming the closing of the Transaction, be completed immediately following the conclusion of the Company's annual and special meeting of shareholders on June 29, 2010.

The Transaction and the change of management is subject to a number of conditions including the approval of the TSX Venture Exchange, regulatory approvals and the sanctioning of the scheme by the Supreme Court of Bermuda.

Assuming the receipt of all required court and regulatory approvals and assuming satisfaction of all conditions to the Transaction it is anticipated that the Transaction will close in mid to late June 2010. There can be no assurance that the Transaction or any other transaction will be completed by such date or at all.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN has projects in Central African Republic, Mali, Sierra Leone and Senegal. For more information regarding AXMIN visit our website at www.axmininc.com.

About AfNat

AfNat Resources Limited is a Bermuda incorporated company listed on the Alternative Investment Market of the London Stock Exchange. AfNat has interests in mineral exploration projects in Mozambique and Zambia and has investments in Copper Development Corporation, a private company with a controlling stake in the Hinoba-an Copper Project in the Philippines. More information on AfNat can be found at www.afnatresources.com.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding 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 Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    Direct T: 416 368 0993 ext 223
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com
    www.axmininc.com