23-09-2015, 10:13 PM
SEDAR says the special meeting is now a month later, on Nov 03 at the same venue. Unsure what time the meeting is, that's not spelt out.
11-01-2016, 08:32 PM
All of the proposed motions at the AGM were passed, which means Antipodes Gold will provide a back-door listing on the TSX-V for CRP, while at the value end of the deal Oceana Gold will pay the old Glass Earth bills, and obtain 100% of what's left of the permits. These are under part of Waihi township, and to the Northeast of Waihi, up in the hills at and around WKP.
I also saw this snippet in the management information circular sent out before the AGM.
Of course at this juncture, the three people concerned are the most likely to know what's going on with the company business. But they also helped put the company in a very bad position, and lost a whole lot of shareholder cash. Some of this capital was apparently lost through a minority of untrained or unsupported staff who were being paid only around $25 an hour. Even then the staff did a lot better out of the deal than the shareholders, who actually paid good money to watch all of this unfold. Our return =NIL.
NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
To be held on November 24, 2015
Management Information Circular
(Dated October 23, 2015)
The Company had employment contracts with Messrs. Henderson and Liddle but these have been cancelled by mutual agreement and replaced with a time based contractor rate of NZ$700/day (C$600/day). Mr. Rabone is also on a time based contractor rate of NZ$800/day (C$680/day) since his appointment as CEO in February 2014. Other management services for the Company are not, to any material degree, performed by persons other than the senior officers of the Company. No pension plan or retirement benefit plans have been instituted by the Company and none are proposed at this time.
Last edited by elZorro; 11-01-2016 at 09:56 PM.
12-01-2016, 08:41 AM
Oceana Gold is firing ahead with drilling into the Waihi West permit, where they have a new vein discovery called Quattro. Note that this didn't get 'discovered' while Glass Earth had any money or ability to do anything about it. It just sat there, while GEL shareholders helped cover the permit holding and overall mapping costs.
12-01-2016, 08:48 AM
NTL also seems to demonstrate a similar lack of action... Perhaps, as one poster mentioned, they also may not know how to drill.
12-01-2016, 06:57 PM
Yes, it all goes to show how goldmining is certainly a game for the big guys. Newmont just stalled Glass Earth on Waihi West (surely always a good bet), waited for them to run out of money. They were outfoxed in Otago by an older operator, but they were well and truly done up in Waihi. Drilling costs a heap, you have to drill a lot of holes to get good data reliable enough for mining. GEL only had to pay a smaller percentage, but that was always too much for their budget at WKP, and Waihi West was not really started. Then they lost the new capital Brent Cook brought along (or the potential for it) at Drybread, and they were sunk. Lots of the SI permits were probably never adequately checked out, they had too many permits for the funds available.
Originally Posted by youngatheart
I still think that they were unlucky not to find a rich spot in their few contracted drills, but when it came to alluvial mining, they were inept compared to people who had been doing it for a living. That's what finished off the game as far as shareholders were concerned.
12-01-2016, 09:36 PM
Yip, Yip and Yip.
Originally Posted by elZorro
Can't wait for this little thread and my AXG holding to disappear.
Thanks for your insight and your continual postings elZorro.
A lot of lessons have been learnt. My future cash will stay away from the directors involved in this failure.
12-01-2016, 10:16 PM
No problem Carpenterjoe, guess you were as optimistic as me for a long time. If I'd been a bit more informed by the company as to the true state of affairs, I'd have posted a lot less. Their carefully worded press releases remind me of that slug gun and motorcycle brand, BSA.
One outfit I will be keeping a good eye on is OGC, they could do very well around Waihi, as the gold grade appears to be close to 1 oz/tonne in parts of the Quattro vein alone.
19-01-2016, 07:39 AM
CRP put out a press release yesterday, in which AXG is carefully posed as a "cashed up" entity, ready to help CRP achieve all of its long-term goals.
All the best for that - looks like Simon will be going to another PDAC conference overseas.
31-01-2016, 09:04 PM
Nothing to report, except that an old November 2015 press release puts a new perception on the Quattro Vein in Waihi West. Remember GEL had a big chunk of that in the beginning, at the IPO. While they hooned all over the country looking for a pot of gold, it was probably sitting there under Waihi township all along. But I bet Newmont wouldn't allow them to drill it for several years.
The newly identified Quattro vein located west of the old Trio workings may be a potential strike extension of the Martha system. Its estimated to have a strike length in excess of 500m with thick vein widths up to 7.6m.
14-03-2016, 06:57 AM
That's one way of spinning it..
14/3/2016 — Gold
OceanaGold to acquire Antipodes tenements
By Simon Hartley
OceanaGold Corporation (TSX, ASX & NZX: OGC) has purchased the gold exploration assets of Toronto-listed Antipodes Gold Ltd (TSX-V & NZAX: AXG) in the central North Island, with the latter still headed for its reverse takeover of Chatham Rock Phosphate Ltd (NZAX: CRP).
Antipodes, formerly gold exploration company Glass Earth Gold which operated mainly around Otago, announced completion of the sale on Friday to OceanaGold, which separately last year purchased the adjacent Newmont Waihi Gold production mine and exploration permits.
Antipodes chairman Adrian Fleming, who did not reveal the sale price, said the company could now focus on the reverse takeover of Chatham Rock.
Because of TSX Venture Exchange regulations, Antipodes, with Chatham as its subsidiary, must have sufficient working capital to meets administration and budgeted operating costs for the 12 months after the reverse takeover.
To achieve that, Chatham has boosted its cash position by entering into a conditional subscription agreement for up to $NZ600,000 of new shares from a private investor, Fleming said.
“The divestment of the [central North Island] gold assets provided an opportunity for shareholders to invest in a company with exciting prospects in the marine and terrestrial phosphate industry,” he said.
Chatham Rock holds a mining permit over a significant phosphate deposit on the Chatham Rise seabed, about 400 kilometres east of Christchurch. However, Chatham's initial marine consent application was declined in February 2015 by the the Environmental Protection Authority, but Chatham is planning to submit a new application, subject to improvements to the consenting process.
Chatham intends to raise further funds of up to $NZ900,000, Fleming said.
He cautioned completion of the reverse takeover was subject to a number of conditions, including final acceptance by the TSX-V, so he could give no assurance the transaction would be completed as proposed.
*Simon Hartley is senior business reporter and assistant chief reporter for the Otago Daily Times.
ANTIPODES GOLD NEWS RELEASE 16-1 10 March 2016
13-07-2016, 07:43 AM
Latest update from NZResources:
This is all about using the Antipodes TSX-V listing and a bit of leftover cash to help give CRP some leverage, when needed for their next fundraising. It's the last bit of tidy-up work for Glass Earth-Antipodes. However untidy it may look, some Glass Earth key staff will be thankful that they were working in a listed company. If they'd tried the same operation with their own private money, they'd have lost the lot.
13/7/2016 — Other Minerals and Metals
Reverse takeover for CRP is nigh
The planned reverse takeover of Chatham Rock Phosphate (NZAX: CRP) by Antipodes Gold continues to work through the Toronto Stock Exchange.
Last year the two companies agreed to come together, with Antipodes Gold having to shed some gold assets to remain afloat and CRP seeing this as an opportunity to use Antipodes listing on the Venture Exchange of the TSX.
The reverse takeover was said now to be 95% down the track.
Chatham Rock’s chief executive Chris Castle said that with the Antipodes shell CRP would inherit some funds associated with the merger, a Toronto director, 1,003 resources-sector shareholders in a number of countries, and a Canadian corporate support structure.
“This merger will strengthen Chatham, complement our New Zealand listing and provide new opportunities for existing Antipodes shareholders,” he said.
Chatham Rock said in its June quarter report it has been able to raise $3.7 million since its share price was “slaughtered by the Environmental Protection Authority’s (EPA) refusal of a mining consent for seafloor phosphate nodules on Chatham Rise.
Castle said the company’s present share price of 0.9 cents values Chatham at $7.24 million - a sixth of its market value in February last year.
“We believe Chatham is now in a stronger position than it’s ever been due to the knowledge gained during the marine consent application process,” Castle said.
CRP will be reapplying for a marine consent following further consultation with stakeholders, a potential revision of the project and further research on some scientific issues.
Castle said both the company and the EPA have learned a lot from the initial consent application.
“We’re confident this will result in improved application and hearing processes and we’ll resubmit an even better application to robustly deal with the issues on which we were rejected.
Castle said that CRP remains puzzled by environmental groups which, through opposing our Chatham project, condone New Zealand importing all its phosphate needs, “so exporting our environmental footprint to countries mining phosphate where it involves severe social and environmental distress.”
CRP will be holding its annual general meeting in Wellington at Chartered Accountants’ House, 50 Customhouse Quay, on July 26.
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