Mr. Todd Bonner reports

AXION VENTURES ANNOUNCES CONVERTIBLE DEBENTURE FINANCING

Axion Ventures Inc. has closed a non-brokered private placement of convertible debentures, pursuant to which it has issued debentures in the principal amount of $3-million (U.S.). The debentures are convertible into common shares of the company at a conversion price of 90 cents per share. The debentures mature two years from the date of the closing of the financing and bear interest at the rate of 8 per cent per annum, payable annually.

At any time after the date which is one year after the issue date, the then outstanding principal amount may be prepaid in whole or in part upon payment from the company to the holder of an amount equal to 130 per cent of the then outstanding principal (which amount includes payment of any accrued and unpaid interest). The holder has the option to exercise the holder's rights of conversion for a period of 30 days after receipt of notice from the company regarding prepayment. In addition, instead of converting into shares of the company, the holder can elect to convert principal into shares of one of the company's non-gaming portfolio assets at the lesser of: (i) 130 per cent of the most recent price per portfolio company share paid by the company; or (ii) the effective price per portfolio company share based on the premoney valuation of the portfolio company in the most recent arm's-length financing prior to such conversion.

"With the recent launch of Rising Fire (see press release dated July 3, 2018), still in the early stages of rollout, this was an appropriate time to issue debentures that will support all business operations and provide flexibility while Rising Fire sets out to become a marquee title in the expansive and growing Chinese gaming market," said Todd Bonner, chief executive officer and chairman of Axion Ventures. "With Rising Fire now being distributed through the world-leading channels of Tencent, we can utilize these funds to further invest and accelerate all of our existing portfolio companies."

In connection with the financing, the company paid a cash finder's fee equal to 7 per cent of the gross proceeds. The financing is subject to final approval from the TSX Venture Exchange. All securities issued pursuant to the financing are subject to a four-month hold period expiring on Nov. 20, 2018. Proceeds from the financing are expected to be used for portfolio company financing and for general working capital.

About Axion Ventures Inc.

Axion Ventures is an investment issuer with majority ownership in Axion Games, an on-line video game development and publishing company headquartered in Shanghai, China, as well as in True Axion Interactive Ltd., a video game development company headquartered in Bangkok, Thailand, and co-founded with True Corp. Axion Ventures also maintains holdings in other innovative technology companies.

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