C00071-2020

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jan 6, 2020
2. SEC Identification Number
CS201013282
3. BIR Tax Identification No.
007-851-927-000
4. Exact name of issuer as specified in its charter
AXELUM RESOURCES CORP.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
ICS Bldg. Tiano-Montalvan Sts. Cagayan de Oro City Postal Code 9000
8. Issuer's telephone number, including area code
02-8851-0715
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 4,000,000,000
11. Indicate the item numbers reported herein
9b

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Axelum Resources Corp.AXLM

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Confirmation or clarification of news article
Source BusinessWorld (Online Edition)
Subject of News Report “Coco product maker Axelum expects P5.5-billion revenue”
Date of Publication Jan 6, 2020
Clarification of News Report

We reply to the correspondence received on 06 January 2020 by PSE EDGE wherein Axelum Resources Corp. (the "Company") is requested to clarify and/or confirm the news article entitled “Coco product maker Axelum expects P5.5-billion revenue” posted in BusinessWorld (Online Edition) on January 6, 2020 which reported in part that:

“COCONUT product manufacturer Axelum Resources Corp. is estimating its 2019 revenues to hit about P5.5 billion and projecting its 2020 top line to grow double digits.

The newly listed firm said its growth trajectory has remained intact for 2019 and is bullish in the year ahead as it sees further growth to be driven by its expansion and acquisition plans.

‘This year, because of the foreign exchange and because of the market problems, the gross revenue target will be something like maybe about P5.5 billion on a consolidated basis. Next year, we should be hitting at least P6 billion,’ Axelum President and Chief Operating Officer Henry J. Raperoga said in a Dec. 18 interview with BusinessWorld.

In terms of bottomline, Mr. Raperoga said Axelum may reach around P750-800 million for 2019, putting it on-track to hit the P1 billion mark by 2020.

‘We’re doing very well. The fundamentals are very strong. And then as far as what we have promised during the IPO (initial public offering), that we’re going to go for acquisitions, we are actually working (on that),’ he said.

When Axelum held its IPO in October last year, it said it will use 25% of its proceeds to fund strategic acquisitions, where the timing of disbursement is from 2020 to 2022.

Mr. Raperoga said the company is already ‘in serious talks’ with at least three local firms for prospective acquisitions and expects deals to ‘materialize probably in the second half.’

In terms of expansion, in Axelum’s 2020 pipeline is getting its new spray facility fully operational in the first half of the year. This is expected to boost its production capacity and increase revenues.

‘We’re on stream, in other words. And we’re looking very positive about what’s going to happen for (2020). We’re looking at double-digit performance, bottomline wise. So we’re very confident,’ Mr. Raperoga said.

. . . .”

The Company would like to clarify that the "market problems" quoted in the above-mentioned news article is related to the global decline in all oil prices that occurred during most parts of 2019. This affected coconut oil and the selling prices of other coconut products. Currently, global oil prices, including coconut oil and other coconut products, have already recovered by more than 20% to 25% in the last 2 weeks of December 2019. Also, the P6 billion consolidated gross revenue refers to the target for 2020.

The Company confirms all other items in the above-mentioned news article.
Other Relevant Information

amended to correct this sentence in the second to last paragraph of the reply - "Currently, global oil prices, including coconut oil and other coconut products, have already recovered by more than 20% to 25% in the last 2 weeks of December 2019."
Filed on behalf by:
Name Dominic Isberto
Designation Compliance Officer