AXMIN At Yr Lows, Being Bid Lower; Closes Sale of Remaining Interest in Sierra Leone JV
AXMIN Inc. (AXM.V), a Canadian exploration and development company with a strong focus on central and West Africa, is unchanged at a year low 4 cents but is being heavily bid lower to 3.5 cents with nearly 6 million shares traded after announcing today that it has closed the sale of its remaining 49% interest in Nimini Holdings Limited to Polo Resources Limited for a cash consideration of US$9 million. Polo will now hold 100% interest in the Nimini East, Nimini West and Matotoka exploration licences, through its wholly-owned subsidiary Nimini.
President and CEO of AXMIN, George Roach said: "In consideration for AXMIN's 100% interest in Nimini, Polo has paid AXMIN US$16.5 million during the third quarter of 2011. This amount will ensure that AXMIN enters 2012 with a much stronger balance sheet as we focus our resources on advancing the Central African Republic assets."
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