AsherXino Limited Announces Private Placement
Lagos, Nigeria--(November 28, 2011) – The Board of Directors of AsherXino Nigeria Limited, a subsidiary of AsherXino Corporation. (OTCBB: AXNO) ("AXNO" or the "Company") announces a brokered private placement consisting of 300 units at a price of $55,000 USD per unit for total proceeds of $16,500,000 USD.
The proceeds from the private placement will be used to the pay the transaction costs of an oil block acquisition and for working capital purposes. The Company expects to close the private placement transaction, subject to customary AXNO Board of Directors approvals, on or about February 29 2012
Asherxino Corporation is an oil and gas exploration company. The Company's objective is to acquire and exploit prolific oil and gas deposits across the Gulf of Guinea by acquiring additional leaseholds in and operatorships of offshore blocks.