- Axcap Ventures' shareholders agree to a voluntary lockup of 96 million shares, representing 57.15% of shares issued.
- The release schedule for the locked-up shares includes staggered intervals over 24 months to maintain price stability.
- Ongoing drilling at the Converse gold project in Nevada, with recent marketing initiatives and a new prospectus cleared.
Axcap Ventures Inc. (CSE:AXCP) (OTC:GARLF) has secured a voluntary lockup agreement from its shareholders for approximately 96 million shares, which accounts for 57.15% of the 168 million common shares issued in their $0.06 unit offering concluded in August and September 2024. This strategic decision is aimed at supporting the company's stock value through well-timed share releases.
The lockup agreement outlines a detailed release schedule: 22.5% of the locked shares will be released after three months, followed by 5% monthly releases from months 12 to 19, and 7.5% monthly releases from months 20 to 24. This phased release is designed to stabilize the stock price over the two-year period.
A key focus for Axcap Ventures is the ongoing drill program at their Converse gold project located in Nevada. Board member Mario Vetro highlighted the company's recent achievements, including the clearance of a base shelf prospectus by the British Columbia Securities Commission and the rollout of new marketing initiatives aimed at increasing market awareness and liquidity.
Despite these positive developments, Axcap Ventures' stock is currently valued at $5 per ounce of gold, which the management considers to be undervalued compared to peers in the industry. The company continues to pursue strategic investments in North America, leveraging their management's expertise in sourcing deals, operations, and capital raising to maximize shareholder returns.
