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  1. #1171
    Woodland Creature El Supremo moosie_900's Avatar
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    Quote Originally Posted by elZorro View Post
    Since some/all remaining profit has to be spent on reinstating the ground (upgrading it to good pasture), the importance of this event for AXG is that a previous source of funding from an enthusiastic shareholder, could be at an end.
    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...

  2. #1172
    Senior Member Yankiwi's Avatar
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    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.

  3. #1173
    Guru elZorro's Avatar
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    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.

    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 Groups 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 Groups 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...
    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.
    Last edited by elZorro; Yesterday at 09:05 PM.
    -elZorro-

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