Axion Minerals closes $390,000 flow-through private placement

Axion Minerals Corp. (CSE: AXN) has closed a non-brokered flow-through private placement, raising $390,000 in gross proceeds, according to a company statement.

The company issued 3,000,000 flow-through units at $0.13 per unit. Each unit consists of one flow-through common share and one non-flow-through common share purchase warrant. Each warrant allows the holder to acquire one additional common share at $0.14 per share for 24 months from the date of issuance.

Proceeds are designated for eligible Canadian exploration expenses intended to qualify as flow-through mining expenditures under Canada's Income Tax Act. The funds will be directed toward exploration activities at the company's Cranberry Creek property in British Columbia, where Axion Minerals is evaluating rare earth element potential.

Securities issued under the placement are subject to a statutory hold period of four months and one day from issuance under Canadian securities law.

Axion Minerals is a mineral exploration company focused on acquiring and developing mineral properties in Canada. Its Cranberry Creek property covers approximately 2,673 hectares in the Kamloops Mining Division of British Columbia.

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