Not an April's Fool Joke?
There was apparently a press release on 1st April about AXG being able to make a reverse takeover of CRP. The way I see these concepts, CRP is amalgamating with the shell of AXG because it has a dual listing. By the time of the reverse takeover, the core assets of AXG (being their permits and IP), will have been transferred to AOR for just NZ$1mill, under the control of Chris Castle. This is out of left field, I hadn't seen this coming, but Simon Henderson is now on the board of AOR, and the two blokes involved used to work alongside each other in Wellington.
http://www.antipodesgold.co.nz/uploa...-3_(final).pdf
So the offer only became concrete once the Waihi West drill results were out. Now AOR reckons that all things withstanding, the permits (held in GENZL) are worth about $1mill plus the money owing to Newmont, about another $600k. The AOR shares that are part of the deal in lieu of cash, will mostly need to be sold to get enough cash for AXG to first pay off all their ordinary creditors who have been waiting for over 12 months. The $200k cash won't be enough. This goes some way towards explaining why Chris Castle fronted up with a $40k loan deal a few months back.
All this is subject to shareholder approval. Newmont apparently have some right of pre-emption, maybe that means that they can step in first and make a more straightforward offer for AXG in toto, and then delist the company.
This probably wouldn't suit Simon Henderson, who will possibly have a deal going with AOR, and in any case is due a golden handshake of up to about $2mill if AXG (or is that GENZL) ever gets to the point of having a decent mineable resource. The permit part ownerships are held by Glass Earth.
This press release has not been tagged alongside AXG on the NZX, but then neither have the other two press releases this year.
This will be interesting, to see what happens. Correnso is being mined by Newmont (100% owner) because there is at least 570,000 oz of gold there, at low current prices nearly US$700mill worth. They said it'll cost $200 mill to tunnel down and get to it ( labour costs could be over $50mill a year alone), then ongoing extraction costs. In any case, the sort of money being discussed over at AXG, 40% holder of an adjacent permit with one or more recent drills showing something, isn't really in the same league.
I think the AOR offer is a bit cheeky, and might flush out a bigger bet.