# Axo Metals Upsizes Bought-Deal Financing to C$55 Million

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/54150
Published: 2026-11-11T15:28:36.000Z
Updated: 2026-11-11T15:28:36.000Z
Section: Business

> The Canadian mineral exploration company plans to use net proceeds for work at two projects in Mexico and general working capital.

Axo Metals Corp. (TSXV: AXO) expanded its proposed financing to C$55 million, adding shares to a deal announced a day earlier to fund exploration and advancement at projects in Mexico.

Under the amended agreement, Desjardins Capital Markets and a syndicate of underwriters agreed to buy 56,123,000 common shares at C$0.98 each. The revised terms replace the C$50 million offering announced Nov. 9 and are expected to generate about C$55 million in gross proceeds.

The underwriters may buy up to 15% more shares through an option exercisable, in whole or in part, until and including 30 days after closing. Full exercise would add C$8,250,081 and bring gross proceeds to about C$63,250,621. The underwriters will receive a cash commission equal to 5.5% of gross proceeds raised.

Axo plans to use net proceeds for exploration and advancement at its San Antonio Gold Project in Sonora and La Huerta Project in Jalisco, along with general working capital. The company is a Canadian mineral exploration company with projects in Mexico.

Closing is scheduled on or about Nov. 27, subject to conditions including approval from the TSX Venture Exchange and securities regulators. The shares are not registered under U.S. federal or state securities laws and may not be offered or sold in the United States without registration or an applicable exemption.