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AXIOM MINING LIMITED
ANNUAL REPORT 2015
27
Directors’ report
continued
GROUP FINANCIAL REPORT
Events subsequent to period end
Subsequent to the year end, on 4 November 2015 the
Company announced that it had entered into a convertible
note facility agreement for up to $15 million to fund
the development of the Isabel Nickel Project through a
strategic partnership with experienced resource venture
capitalist and project incubator InCoR Holdings Plc
(‘InCoR’).
As part of the agreement, Axiom issued one secured
convertible note with a face value of $5,000,000,
convertible to a maximum issue of 13,513,514 fully paid
ordinary shares based on a conversion price of $0.37 per
share.
The note is for the period of 24 months with interest rate of
6% per annum payable in advance for the first 12 months
and thereafter quarterly in advance. Interest obligations
have been satisfied by the issuing shares at a fixed price
of $0.37. The facility is secured through the first ranking
charge over Axiom’s assets in Australia and Hong Kong.
At the Extraordinary General Meeting held on 15 October
2015, the shareholders approved the issue of the 150,000
Performance Rights to the newly-appointed director,
Mr Jeremy Gray.
Apart from the matters mentioned above, no other matters
or circumstances have arisen since 30 September 2015
that significantly affected or could significantly affect the
operations of the Consolidated Group in future years.
Proceedings on behalf of Company
Axiom had a resounding High Court victory against
SMM Solomon Limited (‘Sumitomo’) in September 2014
in relation to the validity of the Prospecting Licence and
50-year registered lease over the land covering the Isabel
Nickel Project.
On 27 October 2014, Sumitomo filed a notice of appeal
in response to the High Court trial judgement, which was
heard between 26 May 2015 and 5 June 2015 in the Court
of Appeal of Solomon Islands.
The Court of Appeal has reserved judgement and no
ruling has been handed down at the date of this report.
Apart from the matters discussed, no person has applied
for leave of court to bring proceedings on behalf of the
Company or intervene in any proceedings to which the
Company is a party for the purpose of taking responsibility
on behalf of the Company for all or any part of such
proceedings.
Remuneration report
The Remuneration Report sets out information relating
to the remuneration of the Company’s non-executive
Directors and key management personnel. Key
management personnel include the CEO as Executive
Director, the Chief Financial Officer (‘CFO’), Corporate
Affairs Manager, Corporate Development & Strategy
Manager and Executive General Manager – Mining
Operations.
a. Details of specified Directors and specified
Executives
i. Specified Directors
Mr Stephen Ray Williams Non-Executive Director
and Chairman
Mr Ryan Richard Mount
Executive Director and
Chief Executive Officer
Mr Jeremy Robin Gray
Non-Executive Director
ii. Specified Executives
Mr Sailesh Solanki
Chief Financial Officer
Ms Vivian Lim
Corporate Affairs Manager
Mr Andrew Barber
Corporate Development
& Strategy Manager
(appointed 3 March 2015)
Mr Juan Jeffrey
Executive General Manager
Mining Operations
(appointed 29 July 2015)
iii. Former specified Executives
Mr John Donald Macansh Exploration Manager
(until 18 February 2015)
Mr Hans Vulker
Human Resources Manager
(until 5 October 2015)
b. Remuneration of specified Directors and specified
executives
The constitution of the Company provides that non-
executive Directors may collectively be paid as
remuneration for their services, a fixed sum not exceeding
the aggregate maximum sum per annum as from time to
time determined by the Company at a general meeting,
which is currently set at US$300,000 per annum. The
chairman’s fees are determined independently of the fees
of the non-executive Directors based on comparative
roles in the market place.
The Chairman’s fees have been set at $80,000 per
annum (2014 – $50,000) and Non-Executive Directors are
remunerated at $60,000 per annum (2014 – $35,000).
Directors may be paid fees or other amounts as the
Directors determine where a Director performs special
duties or otherwise perform services outside the scope of
the ordinary duties of a Director. A Director may also be
reimbursed for out of pocket expenses incurred in carrying
out their duties as a Director.