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 (194.6 kilobytes)
That's one way of spinning it..