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Axmin, Polo Resources Form 49/51 Partnership to Develop Sierra Leone Assets

Axmin Inc (AXM.V) is up fractionally today, gaining 0.5 cents at 11 cents per share after saying Polo Resources Ltd (POL.TO) bought a 51% stake in Axmin's assets in Sierra Leone for $7.5 million.

Polo will solely fund the first $2 million of exploration costs at the Nimini East, Nimini West and Matotoka project sites, after which the company intend to split costs pro rata. Axmin also is responsible for paying former project partner Fuller Capital Corp a $200,000 break-up fee.

Polo shares are flat today at 9.5 cents each.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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