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)

Jun 17, 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

02-88510715

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	3,959,424,000

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 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Reallocation of Use of Proceeds
Background/Description of the Disclosure
The Board of Directors of Axelum Resources Corp. (the “Corporation”) approved the reallocation of the total amount of Php1 Billion from the use of proceeds raised from its IPO, composed of the following amounts: 1) Php820 Million intended to fund strategic acquisitions from 2020-2022; and 2) Php180 Million intended to fund the expansion of domestic and international distribution networks from 2020-2021, to be used instead to prepay loans of the Corporation to save on interest expense. The Board decided on the above-mentioned reallocation due to the effect of the COVID-19 pandemic on the global economy, which makes it untimely and risky to pursue the original intended use of proceeds consisting of strategic acquisitions and expansion of international marketing networks in the next few years. However, the Board is still seriously pursuing opportunistic acquisitions that may be available because of the COVID-19 pandemic and is confident that, after retiring the current debt, the Corporation's bankers will be more accommodating to finance any acquisition opportunity when it arises.
Other Relevant Information
n/a