Axion Responds to Latest Unfounded Claim by the Bonners

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2021) - Axion Ventures Inc. (TSXV: AXV) (OTC PINK: AXNVF) ("Axion" or the "Company") reports that yesterday, Cern One Limited and Michael Bonner issued a press release continuing their unwarranted and meritless attacks on the Company (in which they apparently have no direct material economic interest) in continued collusion with Todd Bonner, the ex-CEO of the Company, to seize control of the Company without undertaking a take-over bid process. Todd Bonner is making these efforts with Cern One Limited and Michael Bonner (the "Bonners") despite the resounding message from the Company's shareholders that he is unwelcome in management or on the Board and despite his previously failed applications to the British Columbia courts.

The process utilized by the Company in advance of the meeting, including computation of the votes by the independent scrutineer, were all consistent with broadly accepted and customary protocols and procedures and in compliance with the Company's Articles of Association and the Business Corporations Act of British Columbia. The count was reported to the Chair and to the meeting by Computershare with no deviation from their recommendations. Since the Meeting, the Bonners' representatives have been permitted access to all proxy related materials to which they are entitled. These ongoing baseless and defamatory accusations by the Bonners are without any merit.

As announced in the Company's news release of April 15, 2021, the current board was elected by an overwhelming majority of votes cast at the General Meeting. Unfortunately for the Bonners, Todd Bonner simply does not have anywhere near the support he would require to disenfranchise the vast beneficial shareholder support that participated in the meeting and elected the board. Even if the votes that the Bonners wrongfully suggest should have been voted for the failed dissident slate were in fact voted that way, the currently elected board would still be elected by a large majority making the commencement of litigation in this regard, as well as yet another general meeting, equally futile.

The Company will take such steps as may be necessary to avoid making the shareholders participate in any unwarranted repeat of the General Meeting.

For further information:

Axion Ventures Inc.

Grant Kim
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 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.

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.

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