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AXMIN completes acquisition of AfNat Resources for US$14 million

Fasken
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AXMIN Inc.

On June 14, 2010, AXMIN Inc. (TSX VENTURE:AXM) announced the completion of the acquisition by AXMIN of all of the outstanding securities of AfNat Resources Limited by way of a scheme of arrangement under the laws of Bermuda in a deal valued at about $14 million. Each common share of AfNat has been exchanged for 0.4803 of a common share of AXMIN. In addition, AXMIN will issue 14,961,345 common share purchase warrants to holders of previously owned AfNat options. The common shares of AfNat were delisted from AIM at the open of business June 15, 2010. AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone, Senegal and Zambia.AXMIN was advised in this transaction by Fasken Martineau with a team that included John Turner and Krisztian Toth in Toronto, and Nigel Gordon and June Paddock in London.

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