Axiom Mining has received strong support from the investment community in securing a $5 million private placement at $0.37 from institutional, sophisticated and professional investors.
This is a substantial raise and vote of confidence in Axiom’s operations, especially considering the current difficult capital markets.
Funds will be allocated to the ongoing development of the Isabel Nickel Project in the Solomon Islands.
Axiom said that discussions with industry participants interested in providing structured finance are ongoing, and the company hopes to be in a position to make an announcement soon.
Activities at the project continue to move forward, with resource drilling and camp upgrade activities are underway as Axiom moves towards the target of establishing a direct shipping ore operation by late 2015.
Ryan Mount, CEO, commented: “Today’s funding, plus the award of $5 million in court costs along with $9 million due from the exercise of options, puts Axiom in an enviable financial position.
“We now have 50% of our mine development capital expenditure covered and expect the balance of funding to come from potential customers, this will see us through to production and a positive cash flow position.”