Axion Minerals plans flow-through private placement of up to $440K

Axion Minerals Corp. (CSE: AXN) announced plans for a non-brokered private placement offering of up to 3,384,615 units at $0.13 per unit, targeting aggregate gross proceeds of up to $440,000.

Each unit consists of one flow-through common share and one common share purchase warrant. Each warrant is exercisable for 24 months from the date of issuance at $0.14 per share.

The company said it intends to use the proceeds to incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada), related to its mineral projects in Canada.

Securities issued will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with Canadian securities laws. Closing of the placement is subject to receipt of all necessary corporate and regulatory approvals.

Axion Minerals is a mineral exploration company focused on acquiring mineral property assets in Canada, including the Cranberry Creek rare earth element property in British Columbia, covering approximately 2,673 hectares in the Kamloops Mining Division. The information in this article is based on a company press release.

You May Also Be Interested In

• Cantor Fitzgerald Starts Enhanced Group Inc. (ENHA) at Overweight
• Oppenheimer Starts ANI Pharmaceuticals (ANIP) at Perform
• UBS Reiterates Buy Rating on Micron Technology (MU)