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If this is $12 million total from both offerings instead of just $7 million then we might be talking about 100 million Units instead of just 50 million units. That would be 200 million shares and 20% of the company. If that is what happened yesterday that is a lot of shares and a lot of interest in First Mining at this point in time.
I'm convinced in my own little brain that the two offerings yesterday is a strong sign that Springpole final environmental permit really will be submitted by the end of October and then Big Gold will start knocking on the door. Maybe more drilling at Duparquet as well.
Like Keith said on the Ron's basement interview management can see the light at the end of the tunnel now. Obviously more work ahead, but Big Gold will buy in long before dirt starts moving. Look at Kinross and Great Bear.
Volume on OTC was less than $500,000 USD. That is not much money. I think all the volume on OTC yesterday was retail investors.
Maybe all the meetings and presentations are getting a few more eyeballs watching. StockTwits board only has 231 people watching.
In spite of the years of work and all the good news, First Mining is barely noticed.
Just let big money start rolling out of Big Tech and start rolling into commodities.
I just think Keith will need a lot of friendly shares in his back pocket when he is negotiating the best deal.
If a hostile takeover happens the share price will bump up and trigger 50 million more friendly shares from this current offering.
I don't know anything about the negotiating process. But it sounded like Dan and maybe Keith are more concerned now about a hostile takeover.
Good call-out. Btw, I just noticed this is two different offerings for a total of $12 million.
"Bought Deal Offering" for $7 million and
“Non-Brokered Offering” for $5 million.
I don't see how many Units associated with the Non-Brokered Offering.
Am I reading this correctly?
51,852,000 units of the Company (“Units”) at a price of $0.135 per Unit for aggregate gross proceeds of approximately $7 million (the "Bought Deal Offering"). The Underwriters have been granted an option (an "Over-Allotment Option") to purchase up to an additional 15% of the number of Units issuable under the Bought Deal Offering, exercisable in whole or in part, up to 30 days following the closing of the Bought Deal Offering.
In addition, the Company intends to complete a non-brokered private placement of Units (the “Non-Brokered Offering” and together with the Bought Deal Offering, the “Offering”) for gross proceeds of up to $5 million.
This dilution is almost 10% of the company if the share price hits 20 cents.
That is A LOT of shares.
Maybe it means the "smart people" are buying up cheap shares before the BIG DEAL is announced AFTER the final Environmental Permit document is submitted.
Here is another idea I had.
It
Maybe this current dilution is worth more than just the cash.
Maybe Keith and Dan are trying to "buy" enough friendly shares in this dilution to limit the possibility of a hostile takeover? I don't know. Just another thought I had.
Just a guess.
You are making great points that I agree with.
I invested in another Red Lake area gold exploration company. Honestly, I wish I would have been investing in First Mining instead of that company the last few years. That company did a reverse split and changed names. My investment there is worth pennies to the dollars I spent. I understand the gold exploration space.
But at the same time if I recently bought a lot of shares (Translation: a lot of shares to me as a poor retail investor.) just a week or two ago, it makes a lot of sense for me to at least feel sad to see the price drop 20% today and to wish I had 20% more shares if I had a crystal ball and waited until today.
Obviously I can see the value here. Obviously I am happy to have my current investment here and hope for a payday within 15 or 18 months or less. But yes, today sucks because I was a buyer last week and earlier this week. I'm a part owner now and i have a right to state the facts.
I'm a believer in the FFMGF portfolio in this gold market. But I sure wish I would have known about this dilution a week or two ago. I would have bought more shares.
I'm not sure why this information is not being distributed in the US. That doesn't seem fair.
But, I still think there will be a payday here in less than 15 months. Maybe sooner.
51 million "Units" could turn into
102 million shares.
Ouch.
I wish I would have waited until today to buy my shares. That is a lot of dilution for just $7 million.
Let's see if the link to this video works. U tube posted 16 hours ago. CEO Dan.
There is a 1 minute clip of Dan wrapping up the the Beaver Creek conference a few days ago (I think in Colorado). He mentioned how receptive investors were to talk with him. I found the clip on Twitter.
Q2 results were a total disaster.
Only 1000 tests were sold in Q2 after almost 5000 sold in Q1.
On Page 28 of Q2 10-Q go to the bottom and read the last paragraph.
I really have not focused on the number of shares lately. Since production started I have only focused on revenue.
Last time AXIM management was this quiet they had apparently screwed up manufacturing and after 5 months of silence hired contract manufacturer Auer Precision at the end of December. Q1 sales were very promising. Then the announcement about the Parkinsons disease test. Then absolutely nothing. The Parkinsons disease test was barely mentioned in the Q2 10-Q.
I have no clue what AXIM management has screwed up this time.
Only 1000 tests sold in Q2.
Verséa Ophthalmics new customer announcements on LinkedIn have dropped from one every week to maybe one a month.
When AXIM management is this quiet, my guess is they screwed something up.
This board has more than a few folks contributing. Good to see!
I purchased 2000 shares a few years ago and have been watching and waiting. Last week I added nice little chunk on Thursday morning and a little bit more early this morning.
With the jump at the end of day today, it looks like FFMGF is up 12.5% since Thursday morning.
I listened to a recording of CEO Dan speaking to a digital Town Hall from a week or 2 ago. Also downloaded the corporate presentation. It sounds like there are still a few more milestones to go with the Springpole project.
However with all the work already completed up to this point it seems possible to me that a Big Gold producer might want to jump in and help finance the last few steps in exchange for some of the gold production potentially just a few years away.
I'm just a poor retail guy trying to make a dollar.
I've been wrong before. BUT. It sure seems like FFMGF is getting closer to a payday and with the current price of gold, I'm thinking some of these Big Gold producers have to be looking at projects like this one that is just a few years away. I seriously doubt BIG GOLD will wait for the dirt to move before they buy in. FFMGF seems ready.
Dual test for IgE/MMP-9. Will this test replace the existing IgE test?
Cut/Paste from the 2024 Q2 10-Q.
On December 13, 2022, AXIM announced the development of a novel dual IgE/MMP rapid ophthalmological diagnostic test for which the Company filed a provisional patent with the US Patent and Trademark Office. The new product offers clinicians an innovative new rapid ophthalmological diagnostic solution designed to reliably measure both Ocular Immunoglobulin E (IgE) and MMP-9 in a single test. The test is slated for further clinical development in the third quarter of 2024 and, once FDA approved, will be added to AXIM’s expanding catalog of ophthalmological diagnostic tools available to clinicians throughout North America.
The Parkinson’s disease test was mentioned only 5 times in the Q2 10-Q.
1) "We developed a tear based POC PD test"
2) "We released a video interview" where we talked about our POC PD test.
3) lastly Parkinsons was mention 3 times in 1 paragraph talking about, "We filed a patent" for our POC PD test.
10-Q said Q2 revenue fell off a cliff.
How long has it been since Verséa Ophthalmics LinkedIn page shared a post about a new #TPOCTITAN customer?
These results are a total disaster.
Only 1000 tests were sold in Q2.
On Page 28 of Q2 10-Q go to the bottom and read the last paragraph.
Cut/paste:
NOTE 13: COMMITMENT AND CONTINGENCIES (CONTINUED)
On September 15, 2022, the company entered into a license and distribution agreement for its Lactoferrin dry eye test, Ige allergy test for allergic conjunctivitis and quantitative MMp-9 test to identify ocular surface inflammation. The licensee is Versea Ophthalmics, LLC, A Delaware Limited Liability Company.
The agreement will provide Verséa with the exclusive commercial right to AXIM’s proprietary portfolio of point-of-care (POC) lab testing readers and three key biomarker diagnostic tests designed specifically to assist eye-care physicians in detecting and quantifying biomarkers associated with aqueous deficient Dry Eye Disease and non-specific allergic conjunctivitis. The three AXIM’s key biomarker tests – the Ocular Immunoglobulin E (IgE) test, the Lactoferrin test, and the future MMP-9 test – require the collection of 0.5 microliters in tears and provide quantitative results in under 10 minutes, an industry-leading return time.
Verséa plans to launch IgE and Lactoferrin tests at the upcoming 2022 American Academy of Ophthalmology (AAO) and American Academy of Optometry (AAOPT) conferences. The MMP-9 test is anticipated to follow in the next 18-24 months.
In recent months, AXIM has been preparing for the scaling of production of its tests in anticipation of an agreement such as the one reached with Verséa and is now prepared to support new orders associated with the agreement and subsequent launch.
In order to accommodate Versea we have arranged to have IUL a supplier of test readers to supply readers directly to Versea. Axim has no control over readers and receives no income as a result. This is reflected on a net basis on the financials with no profit or loss effect.
Due to the Agreement, the positions of: (i) National Sales Director; and (ii) Chief Medical Officer held by Jeff Busby and Dr. Joseph Tauber, respectively, were no longer necessary for Company operations and, therefore, eliminated.
The Company received an initial license fee of $150,000 and has the right to cancel the agreement if minimum sales targets are not reached. This amount was recorded as deferred revenue and amortized over 5 years beginning September 15, 2022. During the three and six months ended June 30, 2024 and 2023, the Company amortized $7,479, $14,958 and $7,397, $14,876 The carrying balance as of June 30, 2024 and December 31, 2023 was $96,189 and $111,209, respectively.
The Company also received $192,000 towards sale of its IgE and Lactoferrin tests. The tests were not shipped as of December 31, 2023 so the amount was disclosed as deferred revenue as of December 31, 2023. The initial agreement was made between the parties was $12 per test, but subsequently verbally it was agreed for $10 per test by both the parties.
During the quarter ending March 31, 2024 4,550 in tests were shipped at $10 per test resulting in revenue recognition of $45,500 and during the quarter ended June 30, 2024 1,000 tests were shipped resulting in 10,000 revenue recognition; leaving a carrying value of $136,500. There was a verbal agreement to reduce the selling price of the tests from $12- to $10-
Revenue has dried up.
Last 3 months: $17,479
Last 6 months: $70,458
Is insurance reimbursement not happening?
I still own all of my shares and I'm still watching LinkedIn and various websites for updates.
AXIM and Verséa are silent right now.
Nothing to report.
Nothing to talk about.
I've read articles about the continuous struggle between health providers and insurance providers on what is covered.
Good find. Here is a link to the Verséa Ophthalmics resources page.
https://www.versea.com/divisions/ophthalmics/resources/
Shared by Verséa Ophthalmics on their LinkedIn page today.
DED TPOC tests mentioned in following article.
https://www.cornealphysician.com/issues/2024/july/detailing-dry-eye-disease-diagnostics/
K934473 - May 1st 2024. Title updated to "Evaluation of Dry Eyes"
https://www.myhealthtoolkit.com/web/public/brands/medicalpolicy/external-policies/evaluation-of-dry-eyes/
History From 2016 Forward
05/01/2024 Annual review, no change to policy intent. Updating rationale and references. Title updated to Evaluation of Dry Eyes.
01/09/2024 Updating review to April. No other changes.
10/31/2023 Moving Review to January. No other changes made.
04/10/2023 Corrected review date from 04/01/2023 to 12/01/2023 to coincide with Avalon review.
04/07/2022
Annual review, no change to policy intent. Updating rationale and references and adding table of terminology.
04/05/2021
Annual review, no change to policy intent. Updating rationale and references.
10/01/2020
Interim review, updating policy with medical necessity criteria: Testing of tear osmolarity in patients suspected of having dry eye IS MEDICALLY NECESSARY to aid in determining the severity of dry eye disease as well as to monitor effectiveness of therapy. Also updating description, rationale and references.
04/14/2020
Annual review, no change to policy intent.
04/03/2019
Annual review, no change to policy intent, but, expanding specificity of tests that are not medically necessary. Also updating coding.
04/17/2017
Interim review, month of review changed, no other changes.
12/04/2017
Interim Review. Updated policy section. No other changes made.
10/19/2017
Annual review, no change to policy.
04/26/2017
Updated category to Laboratory. No other changes.
12/05/2016
New Policy
Repost from 6 months ago.
Wednesday, 01/31/2024 7:57:48 PM
Just trying to keep up with the AXIM owned and FDA cleared 510K tests. Every once in a while I will search for any new information about these tests.
These are our 510K tests.
AXIM bought the rights from
Advanced Tear Diagnostics
==============================
510(k) Number K934473
Device Name
LACTOFERRIN MICROASSAY SYSTEM
Date Received 09/14/1993
Decision Date 12/03/1993
https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpmn/pmn.cfm?ID=K934473
==============================
510(k) Number. K991316
Device Name
TOUCH TEAR IGE MICROASSAY KIT
Date Received 04/19/1999
Decision Date 08/09/1999
https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpmn/pmn.cfm?ID=K991316
˜===============================
Applicant
TOUCH SCIENTIFIC, INC.
3209 GRESHAM LAKE RD.
SUITE 112
RALEIGH, NC 27615
#AXIMBIOTECH
#AXIMEYE #DryEye
#Parkinsons #TPOC #Diagnostics
#Lactoferrin #510K
510(k) Number K934473
#TotalIgE #510K
510(k) Number. K991316
Merchandising partner:
#VerséaOphthalmics
#VerséaHealth
#TPOC Tear based Point-of-Care
#DryEye #Diagnostics #Quantitative
#Lactoferrin #TotalIgE
#TPOCTITAN #TPOCTITANS
Manufacturing Partner:
#AuerPrecision ISO Certified
#ISO9001 #ISO13485
I'm not pressing the bullish button, because this is very low volume AXIM. Obviously there is so much negative history with this company and management that stinks.
However, the 3 month chart does look like a cup and handle.
There are some positive things over the last 8 months. Manufacturing and shipping started in December by cintract manufacturer Auer Precision. New customers were being announced almost weekly for the first 5 months of sales, but seems slower than that recently.
My guess is no progress has been made on the CLIA waiver applications unless Verséa Ophthalmics has agreed to own that process.
This is not investment advice.
I have not noticed any posts from Jessica Barr on LinkedIn the last few weeks. She was racking up the frequent flyer miles for Verséa Ophthalmics helping eye doctor offices open up the CLIA compliant #TPOCTITAN locations.
I hope it is nothing. Maybe it is a transition to "train the sales staff" to help. Maybe it is a focus by Verséa Ophthalmics to help AXIM with the CLIA Waiver Application process? I don't know what it means. If anything.
#Ophthalmic #Surgical #Instruments
Abdul Hanan and Company made following post yesterday on LinkedIn and copied Verséa Ophthalmics. Apparently Verséa Ophthalmics will market #Ophthalmic #Surgical #Instruments as well as their diagnostic and therapeutic solutions. A complete Ophthalmic supply company. No posts yet from Verséa Ophthalmics.
https://www.linkedin.com/posts/abdul-hanan-%26-company_lid-retractors-ophthalmic-activity-7216000138144583681-h4tX?utm_source=share&utm_medium=member_android
New customer from Nebraska. There might be a few more from Nebraska waiting to be announced. Nice bump in share price. Low volume.
https://www.linkedin.com/posts/vers%C3%A9a-ophthalmics_tpoctitans-tpoc-ded-activity-7213511813043236865-gqkj?utm_source=share&utm_medium=member_android
Blue you asked for my thoughts on Incannex
https://www.prnewswire.com/news-releases/incannex-to-acquire-apirx-pharmaceuticals-usa-llc-301509597.html
It was only a quick read and only a thumbnail opinion.
Appendix A of this Incannex Healthcare report shows most of the intellectual property is Preclinical or Phase-1. Verséa Health might be a good fit for Incannex, but it looks like a lot of work to bring products to market.
Verséa does have both short-term and long-term projects but they definitely seems to want FDA cleared products that can be sold through their growing national sales force. Price would be a factor for a deal to be successful.
AXIM is a great fit for Verséa. Already two FDA cleared products as a foundation. At least 2 more products in the Dry Eye pipeline. Many other patents.
However in my opinion, sales are not growing fast enough for AXIM to survive much longer. On the other hand AXIM Insiders control the company. I think a stock merger makes the most sense for both Verséa and for AXIM.
With a stock merger no cash or very little cash would be needed. Existing Insiders would keep their shares and hope for a better future. Retail would also keep their shares. Insider ownership would expand to include Verséa and Insiders remain in control of the combined company.
Verséa can hopefully bring in new investment to expand the business and get CLIA Waivers submitted and approved for the AXIM products.
Just a gut feeling. I'm guessing Mr Huemoeller would need to retire his salary and become a board member for a merger to happen. Catalina Valencia may also need to retire her salary for a deal to work.
Totally agree.
I think Verséa Ophthalmics will be successful, but put the pom poms away because AXIM is destroying the retail investors. Nothing to cheer about right now.
Obviously the share price is in the toilet for the insiders as well. But at least they hopefully already know what the plans are for the next few quarters.
A Billion shares multiplied by half a penny is only $5 million. The AXIM market cap is way less than $5 million right now. A billion shares can't even fund AXIM for more than 2 quarters with the rate of spend seen in 2023.
1,000,000,000×0.005= $5 million.
Next week is another week with very little wifi for me. Good luck to all.
The AXIM stock price is still tanking hard even below 1 penny. Yes. That is correct.
The AXIM stock price has dropped maybe 75% over the last year when it was announced in July 2023 that AXIM was manufacturing and shipping their FDA cleared 510-K tests to paying customers.
Then FIVE MONTHS OF SILENCE.
The AXIM stock price has dropped maybe 50% over the last 5 months since sales and shipments started in December 2023 after Auer Precision was announced as contract manufacturer.
Why should I feel so positive right now?
Why create continuous posts about a Company bleeding cash that they are obviously borrowing from someone else? What is my point?
We are not able to see all of the positive developments happening right now with our merchandising partner Verséa Ophthalmics.
Think about it. Those three posts by Doctor Kyle Klute are from one doctor from one regional location near Omaha Nebraska. At least 3 other eye doctors are mentioned in the posts or made comments to the posts. Verséa Ophthalmics just completed a successful #TPOC implementation training in Omaha Nebraska. Omaha Nebraska is just one regional location where Verséa Ophthalmics has hired sales people.
Verséa Ophthalmics has announced #TPOCTITANS from many different regional locations across the USA. In my opinion, Verséa Ophthalmics has a serious backlog of customers waiting to be announced as #TPOCTITANS across maybe 10 or 15 regional locations. Right now we only see the announcements on LinkedIn. There are a lot more new customers waiting in line.
Should I allow myself to feel this positive?
In my opinion, we are literally just one or two quarters away from very explosive growth in sales and revenue.
In the previous post I shared a link from Verséa Health that stated Verséa Ophthalmics "Hosted a successful T-POC Implementation training in Omaha Nebraska".
In this post I want to string together three posts over the last 2 months by a new customer Doctor Kyle Klute, who to date still has not been announced as a #TPOCTITAN by Verséa Ophthalmics. That announcement should be coming soon. Notice the above training was in Omaha Nebraska. At least 2 of the 4 eye doctors mentioned in these posts are based out of Omaha Nebraska. It will be interesting to watch if Verséa Ophthalmics adds more of these regional #TPOC Implementation training courses across the country. This is another way to better utilize existing resources to add more locations within a compressed amount of time.
First post by Dr Klute from 2 months ago has a picture of the AXIM tests branded by Verséa Ophthalmics. (TWO MONTHS AGO!!!) Verséa Ophthalmics has a serious backlog of new customers waiting to be announced as #TPOCTITANS (This is great news. Demand for the AXIM tests is strong.)
https://www.linkedin.com/posts/kyledkluteod_optometry-optometry-optometrists-activity-7182089642018578432-SGx6?utm_source=share&utm_medium=member_android
Second post mentions Verséa Ophthalmics and the post references a peer reviewed article from August 2023 that I believe was a first attempt by Verséa Ophthalmics to lay the groundwork for CLIA waiver approvals. However in my opinion this attempt may have been nullified by AXIMs failures to manufacture the tests within their lab. (NOTE: This was 5 months prior to Auer Precision being announced as the contract manufacturer in December 2023.)
https://www.linkedin.com/posts/kyledkluteod_dryeye-optometry-eyecare-activity-7183116415497895937-S66r?utm_source=share&utm_medium=member_android
The third post is from 1 month ago and calls out thanks to Kerry Robbers and Rahim Hirji for getting them trained and running. In the comments another eye doctor mentions she is taking the CLIA lab director certification course so her office can implement the Verséa Ophthalmics testing platform.
https://www.linkedin.com/posts/kyledkluteod_optometrists-dryeye-eyecare-activity-7193277260458594304-UOAG?utm_source=share&utm_medium=member_android
I my opinion. AXIM would already be bankrupt if not for deep pockets from insiders and MJNA and Verséa.
The AXIM (Sapphire Biotech) science team have produced some very unique and marketable quantitative Point-of-Care Diagnostic tests.
Verséa Ophthalmics is lead by a very knowledgeable Eye Doctor who also has founded three prior Diagnostic companies. Verséa Ophthalmics is building a team of very qualified professionals. Verséa Health is apparently investing very heavily into the success of the Ophthalmics division.
People should read the last few quarterly reports and make up their own mind about investing in AXIM. If Verséa Ophthalmics helps AXIM with CLIA Waivers comparison studies and documentation to the FDA AXIM can be cash-flow positive sooner.
The only reason I increased my position recently
is a gut feeling that there could be some type of merger between AXIM and Verséa Ophthalmics.
Maybe that is wishful thinking on my part.
Good luck.
Verséa Ophthalmics is mentioned in this Verséa Health LinkedIn post.
Verséa Ophthalmics:
"Hosted a successful T-POC Implementation training in Omaha Nebraska".
This is good news. Hopefully the backlog of new customers starts to come online faster.
https://www.linkedin.com/posts/verseaholdings_verseahealth-healthcareinnovation-activity-7204857792128544768-ATjw?utm_source=share&utm_medium=member_android
No, i don't think ISO-9001 Certification is directly related to AXIM.
ISO-9001:
========
This link explains ISO-9001.
https://www.iso.org/standard/62085.html
ISO-13485:
=========
IF Verséa receives ISO-13485 Certification then that could be very significant to their Point-of-Care test strips business.
https://www.iso.org/iso-13485-medical-devices.html
The only reason I hold out some hope for an M&A between Verséa and AXIM is because Doctor Rob Sambursky was a consultant or advisor to AXIM for a number of months before he joined Verséa.
The AXIM and Sapphire management teams are getting older. Maybe the MJNA/AXIM teams are looking to Doctor Sambursky as a Superman figure to drop in and save the company. Maybe both companies???
TOTALLY DIFFERENT TREE LIMB
After a comment by SunnyDays I researched and noticed Verséa Health has had a CBD business.
If Doctor Sambursky is an Insider, could he and the Sean Fetcho team at Verséa talk their way into an M&A for the whole MJNA portfolio??
Obviously I am talking crazy now.
I honestly don't know.
My gut feeling is AXIM has too much potential to die in bankruptcy right here before the sales really get started. Literally we are probably just 2 or 3 quarters away from real growth.
Verséa Health announced ISO-9001 Certification via a LinkedIn post this morning.
https://www.linkedin.com/posts/verseaholdings_verseahealth-versea-iso9001-activity-7204421814029099008-QKZv?utm_source=share&utm_medium=member_android
This is an interesting development for Versea Health, but I do want to mention that Auer Precision also has ISO-13485 Certification for medical device manufacturing.
BTW. The recent AXIM Press release does NOT mention ISO-13485 Certification.
https://finance.yahoo.com/news/axim-biotechnologies-receives-medical-device-130000909.html
State of California Department of Public Heath Food and Drug Branch Issues the Company a License for Manufacturing of its Diagnostic Assays SAN DIEGO, CA - (Ne...
Furthermore Verséa Health has proven they have the technical resources to push the CLIA Waiver Applications through the FDA process. And to bring new products through the FDA 510k process.
I believe AXIM does not have anyone to create the comparison studies and compile the required documentation to satisfy the FDA process.