- GoldOz (G79), formerly New Energy Minerals, is progressing its potential re-listing on the ASX after 12 months in suspension
- The company’s shares were suspended after disposing its Mozambique-based assets and failing to re-comply with Chapters 1 and 2 of the Listing Rules
- In the recent quarter, the materials stock announced a name change and shareholder approval to raise $5 million at 20 cents per share in order to re-comply with the Listing Rules and potentially re-list onto the ASX
- However, GoldOz must first complete the acquisition of the Hurricane gold project in Queensland
- G79’s shares remain suspended and last traded at 2.7 cents
GoldOz (G79), formerly New Energy Minerals, is progressing its potential re-listing on the ASX.
During the quarter, the company officially changed its name to ‘GoldOz’, which Managing Director Andrew Haythorpe said was part of the company’s “re-shape” to build upon its gold assets in Queensland.
Background
Prior to the name change, the ASX suspended New Energy Minerals from trading on November 13, 2020 after a lengthy process to dispose of a Mozambique-based project and acquire a new project.
The ASX Listing Rules allow a company to remain quoted for up to six months following the disposal of its main undertaking, but if no new opportunities or projects are secured, the ASX may suspend the company’s shares.
New Energy entered a sale and purchase deal for the Hurricane gold project in Queensland roughly one month before its shares were suspended. However, it failed to re-comply with Chapters 1 and 2 of the Listing Rules.
After months of proceedings and counterclaims, the company received final in-principle approval from the ASX in March 2021 regarding its re-admission.
Quarterly activities
In August, New Energy Minerals announced it was gearing up to re-list on the ASX under its new name and ticker code.
The company received shareholder approval to raise $5 million at 20 cents per share in order to re-comply with the Listing Rules and support its strategy after the completion of the Hurricane acquisition.
At the start of October, GoldOz and Placer Gold — owner of the Hurricane gold project — agreed on a third variation of a binding term sheet to extend the end date to March 31, 2022.
The consideration for the 100 per cent acquisition is the issue of 2.6 million shares, $255,000 in cash and a 2 per cent net smelter return royalty on any minerals produced from the project.
As part of this, GoldOz has agreed to pay another $5000 to Placer Gold, issue an additional 200,000 shares once the acquisition settles and pay $200,000 on the day of the maiden ASX JORC announcement.
GoldOz considers this project to be a significant opportunity with confirmed high-grade gold and looks forward to advancing the project.
At this stage, the company’s shares are still suspended and will remain so until it re-complies with Chapters 1 and 2 following the completion of the capital raise and settlement of the proposed acquisition.
GoldOz currently has $198,000 in cash.
Company shares last traded at 2.7 cents.