21-08-2014, 07:23 AM
Yup, thought it was time for AXG/GEL to throw in the towel a long time ago. Sometimes you just have to face facts and take Old Yeller out the back for that one last walk...
Originally Posted by elZorro
01-09-2014, 07:06 AM
I'm not seeing any gold at the end of this rainbow of information.
WELLINGTON, NEW ZEALAND--(Marketwired - Aug. 29, 2014) - ANTIPODES GOLD (TSX VENTURE:AXG)(NZAX:AXG) ("the Company") announced today that, further to the News Release of 8 May ("Antipodes Gold announces private placement to advance WKP gold project"), it continues to seek working capital for development of the WKP project, and the Company is now also assessing all alternative options.
To arrange interim funding during this process, the Company has drawn down a loan of NZ$40,000 (approximately C$36,570) from Mr Chris Castle, under an agreement dated 29 April 2014, which is to be repaid to the lender, without interest, on or before 31 December 2014. This loan is secured. The Company announces that it will issue 200,000 common shares to Mr Castle under this arrangement, subject to TSXV approval.
In addition, as advised earlier, the Company incurred loans in March/April 2014 of C$40,000 from Directors and Officers, repayable by 30 September 2014, or convertible to common shares at the lenders' election.
At the Company's Annual General Meeting, held of July 28, 2014, all resolutions proposed were approved.
For more information and to subscribe to further news updates, please visit antipodesgold.com.
NZ - NTL
GRNZ - Cool Gypsy, Flirt Academy, King's Legacy
RIP - Caesar Legend
You'd better DYOR.
Yesterday, 07:47 AM
Thanks for that, Yankiwi. It's a shocker. Here's how you can now buy shares in AXG for NZ 2c. Stump up with some much needed capital to keep the show going. You know, I effectively paid a lot more than that in the last capital raising, and it was so successful for them that they didn't really want my meagre cash. Relatively speaking. But now, $40,000 is a big deal. Welcome to the real world.
There is also a report on SEDAR, for up until the end of June 2014. This states that the company is not a going concern, had $4,000 in the bank at that stage, but owed a lot more. It also 'lost' another $120,000 in the last 6 months.
They also noted that even the accruing tax losses are not recoverable for certain in future, as they have to trade through, to hold them. This outfit needs a white knight with a tax problem, pronto.
Non Going Concern
These financial statements have been prepared on a non-going concern basis.
For the six months ended June 30, 2014, the Group had a net loss of $120,000
(six months ended June 30, 2013: $12,105,000), working capital deficit of
$1,768,000 (June 30, 2013: working capital deficit of $1,641,000) with an
accumulated deficit at June 30, 2014 of $38,852,000 (June 30, 2013: $35,952,000).
(Tabular amounts in thousands of Canadian dollars)
For the six months ended June 30, 2014
Page 8 of 27
The Group has been unable to obtain sufficient financing resources to allow
the Group to continue in operational existence for the foreseeable future.
Accordingly, the financial statements have been prepared on an alternative
basis. The Group has continued to apply the requirements of IFRS and NZ
GAAP taking into account that the Group is not expected to continue as a
going concern in the foreseeable future and the net assets are valued at their
realisable value where applicable. In addition the assets have been presented
in order of liquidity in the Statement of financial position.
The recoverability of the carrying value of mineral properties and the
Company's and Group’s continued existence as a Going Concern is
dependent upon the ability of the Company and Group to raise additional
financing, the preservation of its interest in the mineral properties, the
discovery of commercially recoverable reserves, the achievement of profitable
operations, and/or the Company's and Group’s ability to dispose of its
interests on an advantageous basis and, controlling expenditure. The business
of exploring for and mining of minerals involves a high degree of risk and
there can be no assurance that current exploration programs will result in
profitable mining operations...
Last edited by elZorro; Yesterday at 09:05 PM.
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