The quarterly wasn't inspiring at all really - not for the short...

The quarterly wasn't inspiring at all really - not for the short to medium term. It seemed to me to be 1 step forward, but 1.2 steps back - there's no real traction in delivering regularly increasing revenue. Yes I think Billy seems to be doing a good job at making small gains here and there and tightening up the ship, but it's against a continuing depressed bedding sector.
The diversification into other areas is simply happening to slow - look at how long the body armour product is taking and they will need large volume to get in some reasonable dollars - if they can't win large tenders with government agencies, then it's not going to bring in much.
They are going to need time and plenty of it (and the cash that requires) to break into new areas.

Perhaps in a couple of years if they can get some US army contracts and make sales in cold packaging this company could do okay - but I'm still not sure what happened to the US Marines - although the bulk of their long period of development seems to have been with the Army branch.

At the moment I can't see any existing smaller shareholders buying in at 1.3c with the new raise. So its likely that Collintons/Wentworth will end up holding over 60% of the company - this will put them in a commanding position and shape what happens to AJX going forward.
You would assume their interests will align with retail shareholders .i.e. make money - but they will be coming in at a lot lower cost price per share than most existing holders, so if they one day sell the company it might be at a price where they make a reasonable profit on their average cost price per share - which may be a lot different than Joe Citizen.
I'd also hope they don't (for instance) do something like delist the company (if they can) to save money and the hassle of shareholder communication

However I don't see any other choice than for Alexium to go through with the raise/restructure, as they are no other options and there is no cash left just a pile of debt - at least if its approved its fully underwritten and will allow the company the grace period to hopefully get some wins on new developments.
I think its a share, if you continue to hold, to tuck away into a draw for a few years.