12 Dec, 2019, 16:58 ET
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Dec. 12, 2019 /CNW/ - Axion Ventures Inc. ("Axion" or the "Company") (TSX VENTURE: AXV; OTCQX: AXNVF) announces that it intends to complete a non-brokered private placement (the "Offering") of up to 5,714,286 common shares ("Shares") at a price of $0.35 per share for gross proceeds to the Company of up to $2,000,000. The Private Placement is contingent upon TSX Venture approval.
Axion intends to use the net proceeds of the Offering for the further development of the Company's recently announced co-development video game, continued development of the Company's flagship video game, Rising Fire, and general working capital purposes.
All Shares issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws in Canada. All of or a portion of this Offering may be subject to finder's fees or commissions.
About Axion Ventures
Axion Ventures is an Investment Issuer with majority ownership in Axion Games, an online video game development and publishing company headquartered in Shanghai, China as well as in True Axion Interactive Ltd., its video game development company headquartered in Bangkok, Thailand cofounded with True Corporation. Axion Ventures also maintains holdings in other innovative technology companies.
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.
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 include but are not limited to statements regarding the Cross, the Private Placement, size and pricing, the use of proceeds, receipt of requisite TSXV and securities regulatory approvals, and 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.
SOURCE Axion Ventures Inc.
For further information: Axion Ventures Inc., John Todd Bonner, Chief Executive Officer, +1 (604) 780 4298
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