Axo Copper Announces Closing of $40,250,000 Bought Deal Financing Including Full Exercise of the Over-allotment Option

Group 1 - Axo Copper Corp. has successfully closed an upsized bought deal offering, selling 57,500,000 units at a price of $0.70 per unit, resulting in gross proceeds of $40,250,000 [1] - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $1.00 for 18 months [1] - The proceeds from the offering will be used to advance the La Huerta Project and San Antonio Project, as well as for working capital and general corporate purposes [1] Group 2 - The offering was led by Desjardins Capital Markets and BMO Capital Markets, with a cash commission of 6.0% on the gross proceeds paid to the underwriters [2] - The company will issue 2,363,516 common shares to Osisko Development Corp. and 1,180,575 common shares to OR Royalties International Ltd. to maintain their respective ownership interests [3] - The offering was conducted in compliance with applicable securities laws in Canada, except Québec, and is subject to final acceptance by the TSX Venture Exchange [4] Group 3 - Axo Copper Corp. is engaged in the exploration and development of the La Huerta property in Jalisco, Mexico, and the San Antonio gold property in Sonora, Mexico [7]