Axcap Announces Closing of Upsized $9.2 Million Financing

Executive Summary

• Axcap Ventures Inc. completed an upsized non‑brokered private placement, raising $9,160,000 in aggregate gross proceeds.
• The offering was increased by $1,000,000 after a new cornerstone investor committed additional capital, bringing the total shares issued to 53,882,353 common shares.
• Proceeds will be used primarily for general corporate purposes, notably the completion of a Preliminary Economic Assessment (PEA) on the Converse Gold Project.

Key Details

• Offering Size: $9,160,000 gross proceeds (original amount plus $1,000,000 upsized portion).
• Shares Issued: 53,882,353 common shares issued to investors.
• Cornerstone Investor: New incoming cornerstone investor participated, prompting the $1M upsizing.
• Use of Proceeds: General corporate purposes, with a focus on completing a PEA for the Converse Gold Project in Nevada.
• Advisory Fee: Cash advisory fee paid to 3L Capital Inc. for financial advisory services related to the offering.
• Statutory Hold Period: All issued common shares are subject to a statutory hold period expiring February 23, 2026.
• Qualified Person: Blake McLaughlin, P.Geo., Executive Vice President of Development, reviewed and approved the technical disclosure.

Notable Quotes

(No direct quotes were included in the release.)