July 24, 2003
SHAREHOLDER LOAN
Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that on July 23, 2003 the TSX Venture Exchange accepted for filing a loan agreement dated July 7, 2003 between AXMIN and its major shareholder Addax Mining & Metals Limited (“AMM”) pursuant to which AMM has provided a loan to AXMIN of US$1,000,000. The details of this loan are as follows:
| Principal amount: |
US$1,000,000 |
| Interest rate: |
LIBOR (London Inter-Bank Offer Rate) plus 2% |
| Repayment date: |
April 30, 2004 |
| Conversion feature: |
AMM has the option to convert the principal outstanding plus any accrued interest into common shares of AXMIN at a price of Cdn$0.285 per share |
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AXMIN has used part of the proceeds of above loan to repay in full the loan granted by AMM to AXMIN on April 10, 2003 (being US$500,000 plus accrued interest). The balance of the proceeds from the loan dated July 7, 2003 will be used to fund AXMIN’s working capital requirements.
AXMIN is a gold exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For additional information please contact:
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