AXO Copper Corp. Announces Upsize of Previously Announced Bought Deal to $35 Million
NEWS RELEASE
AXO COPPER CORP. ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED BOUGHT
DEAL TO $35 MILLION
January 28, 2026
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES
All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.
HALIFAX, NS, January 28, 2026 - AXO Copper Corp. (TSXV: AXO) (the "Company" or "AXO
Copper") is pleased to announce that due to strong investor demand, it has entered into an
amended agreement with Desjardins Capital Markets and BMO Capital Markets, to act as
co-lead underwriters and joint bookrunners (together with a syndicate of underwriters, the
“Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought
deal basis, 50,000,000 units (the “Units”), at a price of $0.70 per Unit (the “OƯering Price”)
for gross proceeds of $35,000,000 (the “OƯering”).
Each Unit is comprised of one common share of the Company and one-half of one warrant
(each whole warrant, a " Warrant"). Each Warrant shall be exercisable into one common
share of the Company (a “Warrant Share”) at a price of $1.00 per Warrant Share and for an
exercise period of 18 months from the closing of the OƯering. If, at any time prior to the expiry
date of the Warrants, AXO Copper’s ten trading day volume weighted average closing price
on the TSX Venture Exchange (the "TSXV") (or other applicable exchange) equals or exceeds
$1.25, AXO Copper may, within 10 days of the occurrence of such event, accelerate the
expiry of the Warrants by delivering a notice to the holders of Warrants, in which case the
Warrants will expire 30 days following the date of such notice (the " Accelerated Exercise
Period"). Any unexercised Warrants remaining after the Accelerated Exercise Period will
expire and be of no force and eƯect.
The Company will grant the Underwriters an option, exercisable, in whole or in part, at any
time until and including 30 days following the closing of the O Ưering, to purchase up to an
additional 15% of the O Ưering. If this option is exercised in full, an additional $5,250,000 in
gross proceeds will be raised pursuant to the O Ưering and the aggregate gross proceeds of
the OƯering will be $40,250,000.
The Company plans to use the net proceeds from the O Ưering for exploration and
advancement of its La Huerta Project and San Antonio Gold Project, and for general working
capital purposes. The Units will be oƯered by way of a short form prospectus to be filed in all
provinces of Canada, except Québec. The Units will also be sold to U.S. buyers on a private
placement basis pursuant to an exemption from the registration requirements in Rule 144A
of the United States Securities Act of 1933, as amended, and other jurisdictions outside of
Canada and the United States provided that no prospectus filing or comparable obligation
arises.
The OƯering is scheduled to close on or about February 19, 2026 and is subject to certain
conditions including, but not limited to, the receipt of all necessary approvals including the
approval of the TSXV and the securities regulatory authorities.
The short form prospectus will be filed with the securities commissions in each of the
provinces of Canada except Québec and will be available on SEDAR+ at www.sedarplus.ca.
Additionally, the short form prospectus may be obtained, without charge, upon request by
contacting Desjardins Capital Markets at 25 York Street, Suite 1000, Toronto, Ontario,
Canada M5J 2V5, attention: [email protected].
This press release shall not constitute an o Ưer to sell or the solicitation of an o Ưer to
buy nor shall there be any sale of the securities in any state in which such o Ưer,
solicitation or sale would be unlawful. The securities being o Ưered have not been, nor
will they be, registered under the United States Securities Act of 1933, as amended (the
"1933 Act") and may not be oƯered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the 1933 Act, as amended,
and application state securities laws.
About AXO Copper
AXO Copper Corp. is a Canadian mineral exploration company engaged in the exploration
and development of the La Huerta property, a new copper discovery in Jalisco, Mexico, and
the San Antonio gold property, a past-producing oxide copper mine located in Sonora,
Mexico
Caution Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release includes certain "forward-looking statements" . All statements other than
statements of historical fact included in this release, including, without limitation,
statements regarding the use of proceeds of the o Ưering, approval of the TSX Venture
exchange, and future plans and objectives of AXO Copper, are forward-looking statements
that involve various risks and uncertainties. Forward-looking statements are frequently
characterized by words such as "will" , "propose" , "may" , "is expected to" , "subject to" ,
"anticipates" , "estimates" , "intends" , "plans" , "projection" , "could" , "vision" , "goals" ,
"objective" , "focus" and "outlook" and other similar words. Forward-looking information in
this news release is based on the opinions and assumptions of management considered
reasonable as of the date hereof, including, but not limited to, general business and
economic conditions will not change in a materially adverse manner; the potential of high
grade copper mineralization at the Company's properties; the results (if any) of further
exploration work to define and expand mineral resources; the ability of exploration work
(including drilling) to accurately predict mineralization; and the ability to generate additional
drill targets. Although the Company believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, there can be no assurance that
such statements will prove to be accurate and actual results and future events could di Ưer
materially from those anticipated in such statements. Important factors that could cause
actual results to di Ưer materially from the Company's expectations include environmental
risks, limitations on insurance coverage, risks and uncertainties related to exploration,
development, operations, commodity prices and global financial volatility including as a
result of tari Ưs, risk and uncertainties of operating in a foreign jurisdiction as well as
additional risks described from time to time in the filings made by the Company with
securities regulators. The Company disclaims any intention or obligation to update or revise
any forward-looking information, other than as required by applicable securities laws.
SOURCE AXO Copper Corp.
For further information, please contact:
Jonathan Egilo
President and CEO
613 882 5126