Ann: $15m successfully raised via an institutional placement, page-81

Sorry, but to put some perspective on this. $15M has already been raised from instos. That's the amount they were really after and now it's history. The $5M on offer is just to appease the smaller investors. It happens all the time particularly with emerging companies. It's the quick easy and less risky way to get the dough versus a rights issue which is less certain (as it is more market price/premium related).

Whether the SPP will work will depend entirely on the share price over the next wee while. If there's a major correction then unlikely, if the share price stays steady or increases then it will be grossly over subscribed. But it doesn't matter to AXE, they already have the amount they need. The $5M is just the icing.

The unfortunate thing is that in most cases (other than compelling news in the interim), the share price retreats to the issue price. That's whats happened today but any positive announcement could change things.

I've been involved in numerous identical situations. Rarely do I wade in until close to the closing date but in saying that have missed out on the odd occasion where an issue has closed early. This one I'll be watching like a hawk.

GLTALTH

PS - how come this thread has semi-morphed into an iTech IPO discussion? They are quite different. AXE are simply trying to concentrate on their core objective (just as CHN are with the spin-off of their gold assets) and this is surely a positive for shareholders. What must be considered is that iTech have 10 years or so of AXE exploration/research which surely must be worth a coin or two versus a straight up exploration venture. IMO there is little nexus between divesting an asset to the benefit of all shareholders and the capital raise. If you think about it it may just be of considerable benefit to AXE shareholders who will all share on a proportionate basis. If you don't want to subscribe to the SPP then don't, it either makes economic sense based on the market price or it doesn't.