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Axe Exploration closes Terranueva takeover, pivots to medicinal cannabis

Canadian mining company Axe Exploration Inc. completed its previously announced reverse takeover of cannabis drug developer Terranueva Corp.

Terranueva, also based in Canada, was valued at C$10.9 million under the all-stock transaction, approved by Axe Exploration shareholders and the Canadian Securities Exchange.

Axe Exploration will now operate in the cannabis industry as Terranueva Corp., trading its common stock on the CSE under the symbol TEQ. The company also consolidated its common stock on a 16-to-1 basis.

Meanwhile, Terranueva said it raised C$2.3 million through a private placement of 4,620,000 common shares and 2,310,000 warrants. Each warrant entitles the holder to buy 1 additional common share for 65 cents, valid for 18 months.