Mr. Robert Dubeau reports

AXCAP VENTURES INC. ANNOUNCES PRIVATE PLACEMENT OF UP TO $4.2 MILLION

Axcap Ventures Inc. has arranged a non-brokered private placement of up to 70 million units of the company at a price of six cents per unit for aggregate gross proceeds of up to $4.2-million. Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share at an exercise price of 72 cents per warrant share for a period of five years from the date of issuance.

As the offering may result in the issuance of more than 100 per cent of the current issued and outstanding common shares, the company intends on obtaining securityholder approval of the offering by consent resolution in accordance with Section 4.6(2)(a) of exchange Policy 4 (Corporate Governance, Security Holder Approvals and Miscellaneous Provisions).

There is no minimum number of units or minimum aggregate gross proceeds required to close the offering, and the company may, at its discretion, elect to close the offering in one or more tranches.

The company intends to use the net proceeds of the offering for working capital and general corporate purposes, including investments in technology, industrial and natural resource projects. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.

About Axcap Ventures Inc.

The company is an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies or both, using management's extensive experience in deal sourcing and capital combination to maximize returns for the company's shareholders. The company will invest its funds with the aim of generating returns from capital appreciation and investment income. It intends to accomplish these goals through the identification of and investment in securities of private and publicly listed entities across a wide range of sectors and industry areas, including, but not limited to, the mineral exploration, technology, software development and biotechnology industries.

We seek Safe Harbor.