AXMIN Issues Warrants to the Standard Bank of South Africa Limited and Provides Passendro Project Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/15/12 -- AXMIN Inc. (TSX VENTURE: AXM) ("AXMIN" or the "Company") further to the Company's July 20, 2011 press release, AXMIN is pleased to announce that it has entered into an amendment to the original Fee Letter in connection with the Mandate Letter entered into on July 19, 2011 with The Standard Bank of South Africa Limited ("SBSA"), pursuant to which SBSA is appointed as the Mandated Lead Arranger ("MLA") to arrange and underwrite a US$100 million Export Credit Insurance Corporation of South Africa Limited ("ECIC") backed term loan facility for the purposes of partially funding the development of the Passendro Gold project in the Central African Republic (the "Project").
Under the terms of the original Fee Letter, SBSA was entitled to 25 million common share purchase warrants (the "Warrants"). The 25 million Warrants were not issued and lapsed as a result of certain conditions not having been met under the terms of the original Fee Letter. Pursuant to the amendment to the original Fee Letter, AXMIN has agreed to issue 1 million Warrants to SBSA, with each such Warrant exercisable into a common share of AXMIN at an exercise price of $0.63 per common share for a period of three years from the date of vesting.
The Warrants will vest and become exercisable on the date that (a) SBSA receives credit approval for the Project, and (b) ECIC board approval is received for the Project. The Warrants will be subject to a hold period of 4 months and one day from the date of issue and any shares issuable during such time period on the due exercise of the Warrants will be subject to a hold period of 4 months and one day from the date of issue of the Warrants.
Passendro Project Update
The Lenders' due diligence and AXMIN's pre-production planning and infrastructural upgrades are progressing, highlights include:
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, Mozambique and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. For more information regarding AXMIN visit our website at .
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; and statements regarding the ability to develop and achieve production at Passendro 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 have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's 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 resulting from 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.
Contacts:
AXMIN Inc.
George Roach
President & CEO
+44 779 626 3999
AXMIN Inc.
Judy Webster
Vice President Investor Relations
416 368 0993 ext 221
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Datum: 15.08.2012 - 13:38 Uhr
Sprache: Deutsch
News-ID 174908
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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