Axcap closes $9.16-million private placement

Executive Summary

• Axcap Ventures Inc. closed an upsized non‑brokered private placement raising $9.16 million in gross proceeds.
• The offering issued 53,882,353 common shares, with a statutory hold period expiring on Feb. 23 2026.
• Proceeds will be used primarily for general corporate purposes, notably the completion of a preliminary economic assessment on the Converse gold project.

Key Details

• Financing Structure: Non‑brokered private placement; upsized by an additional $1 million due to strong investor interest.
• Gross Proceeds: $9.16 million (aggregate).
• Shares Issued: 53,882,353 common shares at a price of approximately $0.17 per share (derived from gross proceeds ÷ shares issued).
• Use of Proceeds: General corporate purposes, with emphasis on completing a preliminary economic assessment for the Converse gold project.
• Statutory Hold Period: All shares subject to hold until Feb. 23 2026.
• Advisory Fee: Cash advisory fee paid to 3L Capital Inc. for financial advisory services related to the offering.
• Cornerstone Investor: New incoming cornerstone investor participated, prompting the upsizing of the placement.

Notable Quotes

(No direct quotes were provided in the release.)