AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

So if you add up the number of years they have been listed, a big chunk of funds have gone in salaries, fees, travel, cars, health & life insurance etc.

Also, considerable amounts have gone to investors' relations - $392,000 eg in 2011.

As for the C$32m, most of it was a write up of minerals prospects.

Anyway, good luck.

What do you mean, good luck? My reason for continuing to post about AXG is to inform anyone else who might be thinking about investing in the company, to take a careful look first. I am not a shareholder anymore. There might be a lesson in how to get a reasonably large (for NZ) exploration company off the ground, even if they didn't make it. While I know they left out, or hid away, a few pertinent facts sometimes, I didn't catch the directors or managers outright lying. I also think their salaries were sensible in the scale of the company.

A large proportion of the funds raised was spent on exploration activities, with drilling crews, aerial surveys etc. More ended up in the economy as wages and lease fees.

The big lesson is that before starting out on a mining operation, make sure there is a good margin. No solid margin, don't start.

ACC sold a few shares and is now holding slightly less than 5% of AXG.

https://www.nzx.com/companies/AXG/announcements/258017