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AXMIN closes US$40.4 million financing

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On December 29, 2006, AXMIN Inc. announced that it had closed an offering totalling 42.5 million common shares priced at $0.95 for gross proceeds of $40.375 million, representing the base offering size and full exercise of the overallotment option. The offering was co-led by RBC Capital Markets and BMO Capital Markets and included Haywood Securities and Canaccord Adams. The net proceeds of the financing will be used to fund completion of the definitive feasibility study on the Passendro gold project as well as ongoing resource and exploration work in each of the Central African Republic, Mali and Sierra Leone. Any additional net proceeds will be used for working capital and general corporate purposes. AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. Fasken Martineau advised AXMIN in this offering with a team comprised of John Turner and Krisztian Toth (securities), and Mitchell Thaw (tax).



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