In this announcement the “strategic focus” has not changed. Go...

In this announcement the “strategic focus” has not changed. Go and review previous announcements and it’s the same old blah, blah, blah other than the mention of the US. Obliviously the US is an important market and should have already been factored into the strategic focus.

So why wasn’t the $10 million from the iTech transaction, which is still not completed and was on the balance sheet for $15 million, done as a trade sale instead of a in-specie distribution? This would have given AXE $16 million to pursue the new US opportunities, which should have been anticipated, and therefore get some runs on the board i.e. technical and commercial milestones. If AXE, and it’s a big if, did achieve any milestones it provide more certainty about AXE and probably result in a higher share price. A capital raising for the additional $10 million or even more could be undertaken in 6/12 months on more favourable terms.

But no, management decided to have a capital raising at $1.45. The last time AXE traded at $1.45 was the day before the granting of the South Korean patent. During the time between the patent grants and the capital raising 121,739,090 shares traded at a VWAP of $1.984. Ouch for new shareholders and chartists. The reality is AXE is now considerably lower than when the much anticipated granting of patents were announced! This is an appalling example of capital management. To the critics go and reflect on your patent posts and expectations.

I have previously questioned the corporate governance of AXE to the disgust of many members of this forum who bought a specky miner at sub 10 cents. To all the acolytes of the AXE board do you really think the Chairman who is a solicitor from Adelaide with a background in mining engineering, the CEO who is a scientist and a CFO who isn’t a employee are going to negotiate the best outcome for you against the multinational Big Tech company who you are hoping/dreaming/wishing /begging to do a deal with? Personally, I think not! I hope this is not turning in a Ponzi scheme.