RE: short of funds "Last time I spoke with John, he said they are well positioned, with about $15 mil. in the bank."
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What date did you talk to Gingerich? If what he told you conflicts with the regulatory filings that is a securities violation and a breach of trust. AXI had 11.1 M at the end of 2010. That dwindled to 8.3 M in cash at the end of June 2011, and 3.2 M in cash at the end of September 2011. They haven't raised any money since, and in the 4th quarter were required to make a $275,000 payment to Roche Bay plc.
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They are obviously dead broke right now. Without additional financing the company will not be able to pay Wardrop Engineering for the expensive feasibility study (that's what the $5 million is for) and even salaries and office rent will become an issue this year. A 2012 drilling program is out of the question.
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AXI management is obviously willing to mislead its investors. Didn't investor relations tell everyone XinXing was being invoiced for the feasibility study costs? This seems to imply that XinXing has a legal responsibility to pay those costs on a timely basis (why invoice a company for expenses if they are not expected to pay?). XinXing does not have that legal obligation, and they haven't paid a dime of the feasibility study costs.
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And remember AXI's big press release about shareholder approval of the framework deal with XinXing? What a joke, as if AXI's shareholder approval was holding up approval of the joint venture.
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Why does an investor have to dig through SEDAR to confirm that AXI currently owns 49.9% of Roche Bay? Why does an investor have to dig through SEDAR to confirm that AXI is dead broke?