Wednesday, 24 October 2012 9:35 AM
Axiom Mining in Solomon Islands Court Case
Axiom Mining is in a trading halt pending release of the outcome of litigation in a Solomon Islands court.
The company said earlier in a statement that it expects to be successful in the Court of Appeal.
Axiom is waiting for the green light to begin development of the significant size Isabel Nickel Project in the Solomon Islands.
The share price has been on a tear in anticipation of the court case result.
Recently, it raised a further $1.75m at $0.03 per share from sophisticated and professional investors via a private placement of shares and options.
This included an additional commitment of $1 million from Drake Private Investments LLC, a prominent New York hedge fund.
The new funds will be used for the preparation of key development work on Isabel Island and general working capital.
Axiom's CEO, Ryan Mount, said recently, "Axiom, with our unique opportunities in the Solomon Islands, has received strong support from institutional investors. These funds will enable us to immediately capitalise on our world class Solomon Islands assets, particularly if we are successful, as we expect to be, in next week's Court of Appeal hearing".