Axion Ventures Inc. (TSXV:AXV) announced that it has entered into an agreement for private placement of unsecured convertible debentures of CAD 20 million on March 30, 2021. The transaction will include participation from returning investor investor KUAM (Hong Kong) Investment 01 Ltd. The debentures are convertible into common shares of the company at a conversion price that is equal to the higher of CAD 0.20 per share and the discounted market price at the time when the debenture is issued for each tranche. The debentures will have rate of interest of 4% per annum. The company will raise funding in tranches, the first tranche will be of CAD 8 million. The tranche will include participation from Yasuyo Yamazaki, the Executive Chairman of the company. The closing of the first tranche is subject to approval from exchange. The debenture and all securities of the company issued pursuant to closing of the initial tranche will be subject to a four month hold period from the closing. Subject to Exchange approval, the investor agrees to subscribe for two additional tranches of debentures in mutually agreeable principal amounts per tranche when requested by the company over a twelve month period. On June 4, 2021, the company announced that it has received a conditional approval for the issuance of unsecured convertible debentures, for amount equivalent to CAD 8,000,000. The investor will receive 40,000,000 common shares upon conversion of tranche value.