Ann: $15m successfully raised via an institutional placement, page-56

What do you mean that paying $10 million for the tenements is not going to happen. That's what IPO's are for. Didn't the IPO close early? The prospectus clearly states what the funds are going to be used for. Wouldn't it be better that 50 million shares be held by shareholders who want iTech shares than the weak hands of AXE shareholders?

I do not expect the company to run done cash reserves down to 2 quarters. AXE liquidity is not a red flag, only its' board. You may be right about underestimating a small cap securing its' payroll. Charmain gets another pay rise (24% over past two years) and paid 50% more than CEO. If AXE increased their cash burn by 100% they would still have at least 5 quarters to survive. An additional $10 million approximately 16 quarters.

You also suggest to think like an insto. So why aren't there any insto's on the share register? The only small positives out of this capital raising is apparently some insto's participated and Taylor Collison might initiate coverage. But a you also noted that dilution is minimal, therfore, their shareholding would be minimal. I would be questioning the quality of these ''insto's".

Buying more AXE shares at $1.45 is not a positive to me, especially after over half of the company has turned over at $1984. I'd rather be buying more at $3 than catching a falling knife. I hope the Easter bunny is not leaving $1 rotten eggs.