30/05/2017 - 11:39

Ausmex debuts after Eumeralla reverse takeover

30/05/2017 - 11:39

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Gold and copper explorer Ausmex Mining Group has debuted on the ASX after completing a reverse takeover of Perth-based Eumeralla Resources.

Ausmex shares were lower on its ASX debut. Photo: Attila Csaszar

Gold and copper explorer Ausmex Mining Group has debuted on the ASX after completing a reverse takeover of Perth-based Eumeralla Resources.

Sydney-based Ausmex joins the bourse with the objective of acquiring assets to explore for gold and copper, with assets already owned in Queensland and South Australia.

The company raised $6 million as part of the backdoor listing, having issued 75 million shares at 8 cents each.

At 11:30am, Ausmex shares were down 3.7 per cent to 7.7 cents each.

As part of the acquisition, Eumeralla chairman David Wheeler has retained a position on Ausmex’s board as a non-executive director while Matthew Morgan has been appointed managing director, with Andrew Firek as chairman and Geoff Kidd as a director.

Eumeralla directors Nicole Fernandes and James Hyndes have both stepped down as part of the acquisition.

CPS Capital Group acted as lead manager to the raising, with HLB Mann Judd as auditor and RSM Corporate Australia as investigating accountant.

Blackwall Legal acted as solicitor to the company.

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