Axcap nets C$12.5M to push Converse project forward

Axcap Ventures and Taura Gold confirm they closed a non‑brokered private placement tied to the previously announced arrangement under which Axcap will acquire all issued and outstanding Taura common shares by a court‑approved plan of arrangement under British Columbia’s Business Corporations Act.

Axcap issued 125,000,000 common shares at C$0.10 each for gross proceeds of C$12,500,000. Net proceeds will fund upcoming property commitments at the Converse gold project in the Battle Mountain Trend, northern Nevada, and will support general corporate needs. These shares carry a four‑month-plus‑one‑day hold period under Canadian securities law.

The Converse gold project is the largest undeveloped gold deposit not owned by a major mining company in Nevada.

Separately, Axcap issued 6,000,000 shares at C$0.10 per share to settle $600,000 of related‑party debt (a 50% settlement of the original claim). An insider subscribed for 200,000 shares (C$20,000) in the placement; insiders also received 5,000,000 shares as part of the debt settlement. These issuances constitute related‑party transactions under MI 61‑101, and the company relied on exemptions from the valuation and minority‑approval requirements because the subscriptions do not exceed 25% of Axcap’s market capitalization per MI 61‑101. The company will file a material change report related to the offering within the required timeframe.

Taura Gold’s chief executive said closing the financing advances plans for the Converse project, which already hosts a substantial resource base, and noted the team will continue technical and commercial work, including a targeted preliminary economic assessment next year.

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