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Forum - Mining and Commodities Eh! (Axmin - AXM.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 10/10/2018 11:57
Forum: Mining and Commodities Eh! - Msg #6228 - List AXM.V msgs Thread #674001235 (Rec: 0)
AXMIN Announces Settlement of Accounts Payable

2018-10-10 09:35 MT - News Release

Vancouver, British Columbia--(Newsfile Corp. - October 10, 2018) - AXMIN Inc. (TSXV: AXM) ("AXMIN" or the "Company") announces that it has entered into an agreement to settle a long standing accounts payable by the Company.

As previously announced on November 15, 2013, the Company entered into a consultancy agreement (the "Consulting Agreement") to assist AXMIN with securing its ownership of licenses in the Central African Republic. Under this Consulting Agreement the consultant was entitled to remuneration upon the successful completion of its services. The total outstanding payments due under this Consulting Agreement amount to US$2 million and were duly recorded in the Company's accounts payable. The Company has benefited from the renewal of its respective licenses and permits and is in good standing with the Government of the Central African Republic.

After extended negotiations as referenced in the Company's Management's Discussion and Analysis for the six months ended June 30, 2018 and 2017, the Company has agreed to a settlement of this accounts payable by making a payment of US$1.2 million and the issuance of 3.46 million shares at a price of C$0.30 per share (the "Settlement Agreement"). The transaction relating to the Settlement Agreement was unanimously approved by the Board of AXMIN, and has also received conditional approval from the TSX Venture Exchange; closing of the transaction will occur immediately following final approval from the TSX Venture Exchange.

The shares issued pursuant to the above-referenced Settlement Agreement will be subject to transfer restrictions under a two (2) year lock-up agreement, during which time the shares may not be sold. The transfer restrictions under the lock-up agreement will expire two (2) years plus one day from the date of grant.

AXMIN Chairman Lucy Yan said, "The Company appreciates the assistance and value provided during this difficult period of force majeure. AXMIN also appreciates the patience provided in settling this long outstanding invoice and the confidence expressed in our Company by the acceptance of shares in lieu of a cash payment. The resulting improvement of AXMIN's balance sheet is very good news for our Company and we look forward to getting back on site in the Central African Republic as soon as possible."

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on the African continent. AXMIN continues to closely monitor the political situation at its Feasibility Stage Passendro Gold Project in the Central African Republic. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information, please contact AXMIN Inc.:

Lucy Yan
Chairman and CEO
ceo@axmininc.com
AXMIN Inc.

General Enquiries
Jin Kuang
Chief Financial Officer and Corporate Secretary
j.kuang@axmininc.com
604-339-7688

Investor Relations
ir@axmininc.com
www.axmininc.com



Reply to Jimjones1972 - Msg #6203 - 08/29/2018 22:06


2018-08-29 14:28 MT - News Release

Ms. Lucy Yan reports

AXMIN ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDING JUNE 30, 2018

Axmin Inc. has released its financial and operating results for the three months ended June 30, 2018. All amounts included in this news release are in U.S. dollars

Highlights:

During the three months ended June 30, 2018, the Company reported royalty income of $576,643 from Gora Projects, compared with $386,655 for the same time period of 2017.
The net income for the three months ended June 30, 2018 was $437,586 compared to $359,338 in the same period of 2017.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2018 the Company had cash on deposit in the amount of $1,944,449, accounts and other receivables of $577,237, and prepaid expenses of $5,487. Royalty income receivable of $573,643 has been received subsequent to the period ended June 30, 2018.

Net assets inclined to negative $362,169 at June 30, 2018 compared to negative $1,215,536 at December 31, 2017.

OUTLOOK

We continue our efforts and commitment with our developments in the CAR. We look forward to the time when we can reclaim our operations in CAR again.

About Axmin

Axmin is a Canadian exploration and development company with a strong focus on the African continent. Axmin continues to closely monitor the political situation at its Feasibility Stage Passendro Gold Project in the Central African Republic. For more information regarding Axmin visit our website at www.axmininc.com.

Axmin is a Canadian exploration and development company with a strong focus on the African continent. Axmin continues to closely monitor the political situation at its Feasibility Stage Passendro Gold Project in the Central African Republic. For more information regarding Axmin visit our website at www.axmininc.com.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.


NOTE:

The results above are from Q2 2018 which was April to June 2018. Below is a recap of the last six quarters and all news/financials can be found at www.sedar.com to verify these numbers:

January to December 2017 - Axmin Inc. Earns $1.2 million USD

January To March 2018 - Axmin Inc. Earns $386,115 In Q1 2018

April To June 2018 - Axmin Inc. Earns $415,900 In Q2 2018
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