AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Looks like the AXG TSX listing is valued at $300,000. Bargain.

https://www.nzx.com/companies/CRP/announcements/267322

https://www.nzx.com/companies/AXG/announcements/267321

NZResources:

24/7/2015 — Other Minerals and Metals
New agreement for Antipodes reverse takeover of CRP

A revised agreement has now been reached between Antipodes Gold Ltd (TSX-V & NZAX: AXG) and Chatham Rock Phosphate Ltd (NZAX: CRP) to look at a corporate marriage.
The original plan was halted when Newmont Waihi Gold Ltd exercised a pre-emptive right for Antipodes Gold’s minority interest in two gold exploration targets in the Waihi district.
That action saw Antipodes gain a payment of $NZ1 million, and financial cover for outstanding payments for drilling on the two properties and funds to also eliminate other outstanding debts.
The original blueprint was for Antipodes to sell its equity in the two properties to Aorere Resources Ltd (NZX: AOR) and then become the vehicle for a reverse takeover of Aorere associated company Chatham Rock (CRP).
Yesterday both Antipodes and CRP said the two companies had reached agreement on Antipodes taking up all the issued shares in CRP, subject to approval of shareholders in both companies and the Venture Exchange of the Toronto Stock Exchange.
The existing CRP would see this passage to the TSX-V as being valuable for market exposure and for future capital raisings to get a new submission before the NZ Environmental Protection Authority for the recently rejected mining consents for the company’s Chatham Rise marine phosphate project. CRP also has marine phosphate tenements in Namibia.
The new blueprint also sees Antipodes, as the reverse takeover vehicle, being renamed Antipodes Rock Phosphate Ltd.
Antipodes’ chief executive Thomas Rabone said that the transaction with CRP or the Waihi Gold Agreement will be completed as proposed or at all. There was due diligence by both companies and full board decisions to be taken into account.
At this stage Antipodes Gold could be valued at about $NZ600,000 and CRP at $2.4 million. Assuming completion of the takeover, this would result in CRP shareholders holding about 80% of Antipodes Gold.


Further transaction update. (56.8 kilobytes)