Axis Auto Finance Inc. announced that it has completed a private placement financing of $2.67 million principal amount of Debentures. The Company also announced that it has completed a Private placement financing of $2. 67 million principal amount of Debenture. The Debentures mature on September 30, 2025 (the "Maturity Date") and carry an annual interest rate of 12%, accrued and payable quarterly in arrears on each March 31, June 30, September 30 and December 31, in cash.

Subject to certain conditions, the Company will have the right to prepay any or part of the Debentures at any time prior to the Maturity Date by paying the principal amount and accrued and unpaid interest. The principal amount of the Debentures is not convertible into common shares or any other securities of the Company. The Company intends to use the net proceeds from the Private Placement to refinance existing indebtedness.