Addax Petroleum (fka AXC)

[seek the light]

10Q for March 31,2016 out. $1.25 million in cash. Only $95,000 in new Convertible Notes sold in first quarter. And they were one for 24 months and one for 12 months with relative low interest rates and have a 180 day waiting period before they can be exercised [Sept 2016]. Total Balance at end of March was $180,000 CN outstanding of which $85,000 were probably already exercised since then. Shares outstanding at April 30,2016 was 42,204,558 shares.

Reported the full $4,000,000 received from Kosmos.

All things considered not a bad report at all, and much better than our nay-sayers were predicting.