Axiom and InCoR have agreed to terminate the Convertible Note Agreement—key points include:
o Axiom to preserve its first ranking security, which allows Axiom to issue security for other structured
How Axiom has managed to do this after the decision went the way it did is outstanding, further it shows the support InCor have for Axiom, Security is free to be allowed to be used for further funding/development with other parties.....
financing facilities, and
o InCoR to convert all outstanding amounts into escrowed equity at $0.31 per share.
Even though the reality they have us over a barrel, InCor have not taken advantage of it, instead re-affirmed their commitment as a Investor and converted all monies and waves all interest
InCoR is now a long term significant and strategic shareholder in Axiom
Long Term Picture
InCoR Technologies, whose President is Professor David Dreisinger, co-inventor of Starved Acid Leaching
Technology, is appointed as Technical Advisor to Axiom
Our Investors President and c0-inventor of SALT becoming part of Axiom, proving the courts is no issue to them
In the Convertible Note Agreement, Axiom agreed key terms of a strategic partnership with InCoR
Technologies, which are not affected by this financing restructure.
Axiom Mining Limited (‘Axiom’ or ‘the Company’) is pleased to announce InCoR Holdings Plc. (‘InCoR’) has extended
its support for the Company by converting $5 million of the Convertible Note to equity at $0.31 per share.
$5mil is a great start to get San Jorge going
Axiom Chief Executive Officer Mr Ryan Mount said, “With this welcomed show of additional support from InCoR,
Axiom is able to preserve our ability to grant security over our assets to one or more alternative financiers and in turn
more efficiently obtain longer term structured finance for our Solomon Islands’ nickel projects.”
“We are also pleased to have international metal expert and President of InCoR Technologies Professor David
Dreisinger appointed to our technical team.”
Following the recent Solomon Islands Court of Appeal decision, Axiom is focussed on regaining the necessary permits
and approvals for the Isabel Nickel Project. InCoR Technologies and Professor Dreisinger will provide the expertise
needed to add value to development options.
With InCoR converting their debt position over 18 months early and not demanding first ranking security, Axiom has
significantly reduced its immediate debt position and allowed the Company to more efficiently secure finance for the
long term development of its projects.
Our investor is backing Axiom till the cows come home and freed us from financial obligations, biggest possible show of support you can get with $5mil of their private funds put into the Co
InCoR is now a significant shareholder of Axiom.
The Convertible Note Agreement was entered into last year and announced to the ASX on 4 November 2015.
As part of this transaction, that agreement is now terminated—the shares to be issued to InCoR at $0.31 will be
escrowed for 90 days, and the shares are to be issued by Axiom to InCoR using its existing capacity under ASX
Escrowed...... i love that word..... They were under no obligation to do so, again this is work done by RM to work in our interest to keep downwards pressure away from SP
31c will be a lot higher than where i expect it to dip...they could have easily bought on market
Listing Rule 7.1 rather than in reliance on shareholder approval for the conversion of InCoR’s note into shares
obtained at the Extraordinary General Meeting held on 4 December 2015, which approval was based on alternative
conversion terms.
In the agreement, Axiom had agreed the key terms of the a strategic partnership with InCoR Technologies to secure
exclusive rights in Solomon Islands to InCoR Technologies’ Starved Acid Leach Technology (‘SALT’), as well as a 10-
year first mover advantage on nickel product sales using SALT—these are not affected by the financing restructure.
Biography of Dr David Dreisinger, Ph.D
Dr David Dreisinger is a world leader in development and implementation of hydrometallurgical recovery of base,
precious and rare metals. He started his career in nickel with INCO Limited. He was an INCO Scholar and was
employed at INCO’s Frood-Stobie Mine, Copper Cliff Smelter and Research.
Dr Dreisinger is a co-inventor of the Starved Acid Leaching Technology (SALT), the PLATSOL Process, the Mt.
Gordon Copper process and the Sepon Copper Process.
Dr Dreisinger consults widely to the industry including on nickel projects in Australia, Brazil, Cuba, Indonesia, Finland,
US, Africa and South America. Dr Dreisinger holds the position of Professor and Industrial Research Chair in
Hydrometallurgy at the University of British Columbia. He has published over 250 papers and has been granted 19 US
Box 1 ticked Axiom well done and didnt expect that 1,
Looking for the following still please.
1)Gunvors position and/or other investors
2)Update on PL and or SI Gov interaction
3)Where do we stand on San Jorge (Still nothing official from Axiom)
4) Funding San Jorge ($5mil is a Effin Great start)
So far so good
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