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The reality is that the AXE share price is now facing serious headwinds. Between the granting of the last batch of patents and the capital raising over half of the companies shares turned over (121,739,090 to be precise) at a VWAP of $1.984. Then there was the capital raising. There are a lot of shareholders sitting on substantial losses. These headwinds are not going to abate for a long time.

I still maintain that the capital raising was an appalling example of capital management. It could have been avoided all together if the mining tenements were sold as trade sale to iTech and proceeds kept by AXE. The capital raising was announced even before iTech was listed! Also, what is the relationship between Wayne Rossiter (CEO of Eastern Metals and a consultant to Novus Capital) who handled the iTech IPO and Top 20 AXE shareholder Deborah Annette Rossiter (who has been a seller)?

Twelve months ago AXE claim to be working on the "world first" room temperature quantum computer. It is not the case today as there are now several companies with real actually working room temperature quantum computers (Orca Computers joined the ranks earlier this month). What AXE have is "Early stage" and "First indication" announcements. AXE also has a long history of MOU's that have never produced $1 in revenue. What I have seen, and as disappointing as it is, in the past year is AXE falling behind in the quantum race.