Axiom Mining Limited

Published : April 01st, 2016

Axiom moves forward litigation-free with new funding

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Axiom moves forward litigation-free with new funding

bd551277-748c-48fc-a172-4ec551988d8c.pdf


Axiom Mining Limited

ARBN 119 698 770


Level 6, 15 Astor Terrace Spring Hill QLD 4000

Australia


T + 61 7 3319 4100

[email protected] www.axiom-mining.com



ASX Announcement

Axiom moves forward litigation-free with new funding

Highlights

  • Operations commenced on San Jorge tenement, part of the world class Isabel Nickel Project

  • Re-application of the project's Kolosori tenement underway

  • Strategic partners confirm commitment to long term development of Isabel Nickel Project:

    • Gunvor confirms off-take and ore prepayment agreement in place

    • InCoR Holdings Plc has converted $5 million of its Convertible Note to equity

    • Anitua collaborating with Axiom on development of San Jorge tenement

  • Funding of $5 million through private placement to progress Isabel Nickel Project.

1 April 2016


Kolosori tenement post-Court ruling

Axiom Mining Limited ('Axiom' or 'the Company') is currently in discussions with key stakeholders in Solomon Islands to re-apply for the Prospecting Licence (PL) for the Kolosori tenement, following the recent Court of Appeal judgment.

Axiom Chief Executive Officer Mr Ryan Mount confirmed that Axiom's landowner partners have committed to continue their partnership with Axiom.

"I'm pleased that they have decided to continue to stand with us-they know that Axiom lives by our values of Build, Share, Protect, which are based on principles of inclusion and respect," said Mr Mount.

"Axiom will continue to honour our commitment to the landowners via our joint venture company Axiom KB."

The Company is also in discussions with the Solomon Islands Government, and is awaiting advice on the timing and procedures of the re-application process.

Mr Mount said Axiom was optimistic about regaining the PL and had plans to continue investing in the mineral-rich Solomon Islands.

"We have every reason to believe the Government will consider our application favourably, as Axiom's achievements on Isabel to date speak for themselves."

Axiom has been able to maintain strong landowner and community relations, develop the necessary remote site infrastructure and logistics, employ almost 150 locals and deliver a maiden JORC resource that defined the first five years of production-all whilst being involved in complex litigation and during a global downturn in the resources industry.


Continues on page 2



Progress on San Jorge tenement

Following the recent Solomon Islands Court of Appeal judgment, which considered the Kolosori tenement, Axiom will also focus its operations on the San Jorge tenement.

The San Jorge tenement is part of the world class Isabel Nickel Project and its Prospecting Licence was granted in March 2015 with approval from the Solomon Islands Government and the customary landowners.

San Jorge's close proximity to the Kolosori tenement enables Axiom to rapidly re-deploy most existing project infrastructure and resources to progress work on San Jorge.

Axiom is currently undertaking preliminary exploration activities on the tenement including community consultation and environmental studies.

Axiom is confident that San Jorge offers a parallel opportunity to the excellent drilling results and resource estimates for the Kolosori tenement.*

Approximately half the historical drilling undertaken by INCO in the 1960s took place on the San Jorge tenement.

The available INCO pit and drilling data is broadly spaced at 100 to 200m, and will be used to guide the exploration and identify key target areas-Axiom expects that tighter infill drilling will help to define saprolite with deeper drilling than that completed by INCO.

*Previously announced to the ASX on 30 September 2015 and 29 December 2015


Under re-application


Held by Axiom



Isabel Nickel Project aerial view


Continues on page 3



Strategic partners' continued commitment

Following the Court of Appeal decision, Gunvor Singapore Pte Ltd ('Gunvor') has confirmed its commitment to its off-take and pre-payment agreement with Axiom, as previously announced to the ASX on 22 December 2015.

InCoR Holdings Plc converted $5 million of its Convertible Note to equity, which allows Axiom to retain flexibility over future project financing, as announced to the ASX on 31 March 2016.

South Pacific mining services leader and major shareholder Anitua Ltd will continue collaboration with Axiom on the development of the San Jorge tenement.


Funding in place to progress Isabel Nickel Project

Axiom also announces that it has raised $5 million net of fees via a private placement of ordinary shares (and attaching options), which provides the Company with a significant new source of funding to undertake the next phase of the development of the Isabel Nickel Project.

The placement raised $5 million at a price of $0.18 per share from institutional, sophisticated and professional investors, and included the introduction of a new substantial shareholder and a $300,000 commitment from two of Axiom's directors.

Each share issued in the placement will have four for one attaching options, allocated equally at the exercise prices of

$0.30, $0.40, $0.50 and $0.60, all with a 10 year expiry.

Directors' participation and the issue of the majority of the attaching options are subject to shareholder approval.


This announcement ends the voluntary suspension of Axiom's securities on the ASX.



About Axiom Mining Limited

ENDS

Axiom Mining Limited focuses on tapping into the resource potential within the mineral-rich Pacific Rim. Through dedication to forging strong bonds and relationships with the local communities and governments where we operate, Axiom Mining has built a diversified portfolio of exploration tenements in the Asia Pacific region. This includes interests in the Isabel Nickel Project in the Solomon Islands and highly prospective gold, silver and copper tenements in North Queensl and, Australia. The Company is listed on the ASX. For more information on Axiom Mining, please visit www.axiom-mining.com


Disclaimer

Statements in this document that are forward-looking and involve numerous risk and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business, including litigation ou tcomes in the Solomon Islands Court of Appeal. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate; (iii) the Company's analysis is correct; or (iv) the Company's strategy, which is based in part on this analysis, will be successful.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Georgia | Singapore | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Georgia | Singapore | Solomon Islands | All

Axiom Mining Limited

EXPLORATION STAGE
CODE : AVQ.AX
ISIN : AU000000ASX7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Axiom Mining is a silver and gold exploration company based in Australia.

Its main exploration properties are OK MINE, MT MOLLOY, CARDROSS, PINEVALE and WHITE HILLS in Australia and PU SAM CAP, QUANG BINH and QUANG TRI in Vietnam.

Axiom Mining is listed in Australia. Its market capitalisation is AU$ 8.7 millions as of today (US$ 6.7 millions, € 5.5 millions).

Its stock quote reached its highest recent level on April 12, 2011 at AU$ 1.26, and its lowest recent point on May 24, 2019 at AU$ 0.02.

Axiom Mining has 348 620 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Axiom Mining Limited
2007 Annual report
2006 Annual Report
Nominations of Axiom Mining Limited
6/4/2007appointment of Mr John Cook as a non-executive independent
Project news of Axiom Mining Limited
8/12/2016Pre-Feasibility Study for the Isabel Nickel Project
12/3/2015Isabel Nickel Project resource definition drilling update
11/4/2015Isabel Nickel Project resource definition drilling update
9/22/2015Isabel Nickel Project resource definition drilling update
9/14/2015Isabel Nickel Project resource definition drilling update
9/7/2015Isabel Nickel Project resource definition drilling update
8/31/2015Isabel Nickel Project resource definition drilling update
8/24/2015Isabel Nickel Project drilling defines thick mineralisation
8/6/2015Isabel Nickel Project resource drilling uncovers 3% Ni
7/13/2015Isabel orientation drilling program successfully completed
4/24/2015Isabel Nickel Project drilling update
4/10/2015Drilling indicates continuous high grade mineralis
9/26/2008(Nightflower)First Resource Estimate - Nightflower Project
Corporate news of Axiom Mining Limited
8/1/2016Change of Share Registry
7/31/2016Funding for development of the Isabel Nickel Project
7/29/2016Quarterly Activities Report
7/28/2016Trading Halt
7/26/2016Key executive management appointment
7/25/2016Axiom Mining Company Update
6/10/2016Half Year Financial Report 31 March 2016
6/1/2016Notice of Expiry of Options
5/12/2016Axiom Mining EGM 12 May 2016 - Results
5/9/2016Isabel Nickel Project update
5/1/2016Quarterly Activities Report
4/19/2016Axiom Mining Loyalty Bonus Issue
4/19/2016Notice to the Financial Markets Authority
4/7/2016Appendix 3B
4/5/2016Cleansing Statement
4/1/2016Notice of Expiry
4/1/2016Reinstatement to Official Quotation
4/1/2016Axiom moves forward litigation-free with new funding
3/31/2016Axiom Mining 2016 AGM Results
3/30/2016New strategic shareholder
3/23/2016Solomon Islands Court of Appeal Update
3/23/2016Suspension from Official Quotation
3/21/2016Trading Halt
2/2/2016Axiom Mining Company Update
1/18/2016Change of Australian registered office address
12/31/2015Notice of Expiry
12/29/2015Isabel Nickel Project defines first 5 years of production
12/22/2015Appendix 3B
12/21/2015Annual Financial Statements
12/21/2015Off-take agreement and funding with Gunvor
12/16/2015Notice of Expiry and Appendix 3B
12/4/2015Axiom Mining EGM 4 December 2015 - Results
12/4/2015Axiom Mining EGM 4 December 2015 - Chairman's Address
11/3/2015Major funding and partnership for Isabel Nickel Project
11/2/2015Quarterly Activities Report
10/21/2015Change of Director's Interest Notice
10/15/2015Axiom Mining EGM 15 October 2015 - Results
10/15/2015Axiom Mining EGM 15 October 2015 - Chairman's Address
9/30/2015Isabel Nickel Project Maiden Mineral Resource Estimate
9/28/2015Appendix 3B
9/14/2015Notice of Extraordinary General Meeting
9/7/2015Isabel Nickel Project JORC Resource statement imminent
8/21/2015Axiom Mining Key Appointment
8/11/2015Appendix 3B
8/4/2015Appendix 3B
7/31/2015Quarterly Activities Report
7/31/2015Trading Halt
7/31/2015West Guadalcanal Project technical review complete
7/29/2015Axiom Mining Key Management Appointments
7/28/2015$5 million to fund development of Isabel Nickel Project
7/24/2015Trading Halt Request
7/20/2015Appendix 3B
7/17/2015Axiom Mining Solomon Islands Litigation Proceedings Update
7/13/2015Appendix 3B
4/21/2015Response to Price Query
4/15/2015Completion of consolidation
4/14/2015Axiom Mining Solomon Islands Litigation Proceeding
4/2/2015Notice of Expiry
3/31/2015Axiom Mining 2015 AGM Results
3/30/2015Axiom Mining 2015 AGM Chairman's Address
3/9/2015Further high grade results on Isabel Nickel Projec
3/6/2015Notice of Annual General Meeting
2/16/2015Appendix 3B
2/16/2015Cleansing Statement
2/13/2015Anitua extends support for Axiom
2/12/2015Court of Appeal hearing date confirmed
1/23/2015Quarterly Activities Report
1/19/2015Sumitomo provides AU$5 million in bank guarantees
2/22/2008Western Plains - Large increase in Buzzard direct shipping i...
1/31/2008$1.3m exploration for the quarter - significant acqu isition...
11/1/2007 builds on successfuy September quarter exploration a ctivi...
8/16/2007Raises $4m in share placement to accelrate its progr ams in ...
7/31/2007Exciting Results continue from aggressive Exploration in Que...
6/26/2007New geophysical anomalies indicate prime drill targets at Ax...
4/4/2007new tenement grants in aggressive acquisition thru st in Nor...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (AVQ.AX)
0.025+0.00%
AUSTRALIA
AU$ 0.025
12/31 10:00 -
0%
Prev close Open
0.025 0.025
Low High
0.025 0.025
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.025 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -2
Produces
Develops
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 12/11/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20200.00%0.030.03
2019-58.33%0.090.02
2018-57.14%0.240.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.00-0.43%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.50-3.85%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.50-3.58%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+0.17%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.67-5.99%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.83-1.73%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+3.51%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+3.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.06-3.74%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.04+2.64%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :