Axion Ventures Announces Private Placement Fully Subscribed by Kuni Umi Asset Management
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2020) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Company") announces that it intends to complete a non-brokered private placement (the "Offering") of up to 35,000,000 units ("Units") at a price of $0.20 per Unit for gross proceeds to the Company of up to $7,000,000. Each unit consists of one common share and one share purchase warrant exercisable into one additional common share at $0.20 for a period of six months after the closing date of the Offering. The Private Placement is contingent upon TSX Venture approval.
The entire Offering has been fully subscribed by one party, Kuni Umi Asset Management, led by Mr. Yamazaki, also the Executive Chairman of the Company.
Chairman Yamazaki commented, "Since my appointment as Executive Chairman of Axion this April, I have worked closely with the Board and Management to fully align our focus and resources towards firstly completing the remarkable potential of the video game portfolio from earlier development phases to commercial revenue success, and I am pleased with the progress which we plan to share in the coming months. Our sterling partnership with Tencent shall come to fruition in the near future, and I understand that many shareholders have been waiting patiently for the delivery of certain milestones. I am also grateful for the support offered by some of our existing strategic shareholders, and our consolidated cooperation and synergies shall create even greater opportunities for Axion this year. Meanwhile, our team has been actively engaged in evaluating and developing certain strategic pathways to enhance our position in the video gaming industry to world-class standards by bringing together additional talent and IP to complement our Company in a substantially accretive manner. 2020 shall be a breakthrough year in terms of fulfilling achievements and facilitating continued success in future quarters."
Axion intends to use the net proceeds of the Offering for general working capital purposes.
All Shares issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws in Canada. All of or a portion of this Offering may be subject to finder's fees or commissions.
About Axion Ventures
Axion Ventures is an Investment Issuer with majority ownership in Axion Games, an online video game development and publishing company headquartered in Shanghai, China as well as in True Axion Interactive Ltd., its video game development company headquartered in Bangkok, Thailand cofounded with True Corporation. Axion Ventures also maintains holdings in other innovative technology companies.
Neither the 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.
Axion Ventures Inc.
Interim Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the Cross, the Private Placement, size and pricing, the use of proceeds, receipt of requisite TSXV and securities regulatory approvals, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
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