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AXMIN Inc Enters Into Subscription Agreement With Dickson Resources Limited


Monday, 25 Mar 2013 09:14am EDT 

AXMIN Inc announced that it has entered into a binding subscription agreement (the Agreement) with Dickson Resources Limited (Dickson), whereby AXMIN is proceeding with a private placement to raise aggregate gross proceeds of approximately CAD6.75 million by way of a two stage private placement (the Offering). The Company will issue an aggregate of 45,000,000 common shares of the Company (the Offered Shares) at a price of CAD0.15 per Offered Share. The first tranche of the Offering will consist of 15,800,000 Offered Shares for gross proceeds of approximately CAD2.37 million on terms set out below. This represents a 25% premium on AXMIN's current share price. The remaining CAD4.38 million (the Escrow Amount) will be placed in escrow by Dickson. If the conditions set out in the Agreement are satisfied on or before June 7, 2013 the second tranche of the Offering will close and the Escrow Amount will be unconditionally released to the Company. If the conditions are not satisfied on or before the Outside Date, the Escrow Amount will be returned to Dickson and the Agreement will be terminated. 

Company Quote

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