Axis Auto Finance Inc. (TSXV:AXIS) announced a private placement of 21,428,600 subscription receipts at an issue price of CAD 0.70 per subscription receipt for gross proceeds of CAD 15,000,020 on December 21, 2017. The transaction is subject to customary closing conditions including the receipt of regulatory approval and is scheduled to close on or about January 16, 2018. Each subscription receipt will entitle the holder thereof to receive one unit which consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase a common share of the company at any time after the closing of the transaction at an exercise price of CAD 0.90 for a period of 36 months. The subscription receipts will be issued pursuant to a subscription receipt agreement.