Axcap closes $9.16-million private placement

Mr. John Dorward reports AXCAP ANNOUNCES CLOSING OF UPSIZED $9.2 MILLION FINANCING Axcap Ventures Inc. has completed its previously announced upsized non-brokered private placement for aggregate gross proceeds of $9.16-million. Originally agreed upon with a new incoming cornerstone investor, the company increased the size of the offering by an additional $1-million due to strong investor interest. Under the offering, the company issued an aggregate of 53,882,353 common shares of the company. The proceeds of the offering will be used primarily for general corporate purposes, including the completion of a preliminary economic assessment on the Converse gold project, as approved by management of the company from time to time. The company paid a cash advisory fee to 3L Capital Inc. for its role as financial adviser to the company in connection with the offering. All common shares issued pursuant to the offering are subject to a statutory hold period expiring on Feb. 23, 2026. About Axcap Venture Inc. Axcap is focused on developing its flagship Converse gold project, a large, underdeveloped gold deposit not owned by a major mining company in Nevada, United States. The Converse gold project is located within the prolific Battle Mountain trend containing 5.57 million ounces gold of measured and indicated mineral resources and 420,000 oz Au inferred mineral resources (238 million tonnes at 0.539 gram per tonne Au for 4.13 Moz measured mineral resources; and 92 Mt at 0.487 g/t Au for 1.44 Moz indicated, 25 Mt at 0.528 g/t Au for 420,000 oz inferred mineral resources). With decades of expertise in Nevada and globally, its board and management are focused on unlocking the potential of this project. For further details, please refer to the technical report entitled "Amended and Restated NI 43-101 Technical Report and Mineral Resource Update, Converse Property, Humboldt County, Nevada, USA," dated effective Feb. 13, 2025, which is available on its website and on its SEDAR+ profile. Qualified person Blake Mclaughlin, PGeo, registered with the Professional Geoscientists Ontario, executive vice-president of development, is considered a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Axcap. We seek Safe Harbor.