Ann: $5 million to fund development of Isabel Nickel Project, page-2

ASX ANNOUNCEMENT
Funding for development of the Isabel Nickel Project
Axiom Mining Limited (‘Axiom’ or ‘the Company’) is pleased to advise $5 million has been raised through a private placement (‘Placement’) of shares to fund the ongoing development of Isabel Nickel Project in Solomon Islands.
The Placement raised $5 million at a price of $0.37 per ordinary share from institutional, sophisticated and professional investors.
Discussions with industry participants interested in providing structured finance are ongoing, and the Company hopes to be in a position to make an announcement soon.
Axiom also has potential funding that can be achieved on the conversion of $9.4 million of options that are currently in the money with the vast majority due in the next eight weeks. A further $5 million dollars of funding is immediately available from the award of court costs if the Company receives a favourable ruling in the Court of Appeal hearing that concluded in June.
Axiom CEO Mr Ryan Mount said, “Today’s funding, plus the award of $5m in court costs along with $9m due from the exercise of options, puts Axiom in an enviable financial position. We now have 50% of our mine development capital expenditure covered and expect the balance of funding to come from potential customers, this will see us through to production and a positive cash flow position.”
Resource drilling and camp upgrade activities are underway as Axiom moves towards the target of establishing a Direct Shipping of Ore (DSO) operation by late 2015.
This announcement ends the trading halt of the Company’s securities on the ASX.
ENDS