TORONTO, ONTARIO--(Marketwire - Oct. 30, 2012) - AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") announces the resignation of its Chairman, Robert Metcalfe from its board of directors, effective October 29, 2012. Today the board has appointed David de Jongh Weill as Chairman. Mr. Weill has been a director of AXMIN since June 29, 2010 and is presently the Chairman of the Audit Committee. The Board would like to thank Mr. Metcalfe for his service and contribution to the Company.
As of March 2012, AXMIN had executed Mandate Letters for a total of US$235 million in debt facility which is a mix of senior and subordinate convertible debt with a number of development agencies and commercial banks from Europe and South Africa. From that date, the Lenders agreed to work as a syndicate to complete the required technical, legal and environmental due diligence. At this time, the due diligence process is ongoing, it is expected that the Lenders' will be in the position to finalize debt terms in the first quarter of 2013. In anticipation of this, AXMIN's management is negotiating with parties for the remainder of its capital requirements to build Passendro in addition to a potential smaller bridge financing to ensure that the due diligence remains on track.
For more information regarding AXMIN visit our website at www.axmininc.com.
George Roach, President & CEO
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN's expectations have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.
Neither 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.