TSX VENTURE EXCHANGE: AXET.P

TORONTO, Nov. 23, 2022 /CNW/ - Axe2 Acquisitions Inc. ("Axe2" or the "Company") (TSXV: AXET.P) is pleased to announce that it has completed its initial public offering (the "Offering") as a capital pool company ("CPC") pursuant to an amended and restated final prospectus dated August 26, 2022 (the "Prospectus").

On November 23, 2022, the Company completed an initial public offering of 4,286,468 common shares in the capital of the Company (the "Shares") at a price of $0.10 per share for gross proceeds to the Company of $428,646.80 to purchasers in Alberta, British Columbia and Ontario (the "Offering"). After closing of the Offering, the Company now has 6,886,468 Shares issued and outstanding, of which, 2,907,468 Shares are currently held in escrow pursuant to the polices of the TSX Venture Exchange (the "Exchange"). The Shares were listed on the Exchange at the market close on November 22, 2022 and immediately halt traded pending closing of the Offering. The halt is expected to be lifted and trading of the Shares is expected to commence on or about November 23, 2022 under the stock symbol AXET.P.

PI Financial Corp. acted as sole lead agent in respect of the Offering and received a cash commission, a corporate finance fee and an option to acquire up to 321,747 Shares for a period of 60 months from the date of listing of the Shares on the Exchange at an exercise price of $0.10 per Share.

Upon closing of the Offering and as disclosed in the Prospectus, the Company granted 688,647 incentive stock options to its directors and officers, all of which are exercisable within ten years from the date of grant at an exercise price of $0.10 per Share.

The net proceeds of the Offering, together with the unspent proceeds from the prior sales of Shares, will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the Exchange's capital pool company program.

For further information, please see the Prospectus available under the Company's profile on SEDAR at www.sedar.com.

The Company is a CPC within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the Company are: David Dattels (Interim Chief Executive Officer and Corporate Secretary), Chris Rowan (Director and Chief Financial Officer), Norm Chang (Director), William Lamb (Director) and Krisztian Toth (Director). Except as specifically contemplated in the CPC policies of the Exchange, until the completion of its "Qualifying Transaction" (as defined therein), the Company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed "Qualifying Transaction".

This news release does not constitute an offer or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice on Forward-Looking Information

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Axe2 cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Axe2's control. Such factors include, among other things: risks and uncertainties relating to Axe2's expectation for its Shares to commence trading on the Exchange, its ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in the Prospectus filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

SOURCE Axe2 Acquisitions Inc.

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