Perth-based AusAmerican Mining received a boost from the listing of Forge Resources on the Australian Securities Exchange yesterday.
The successful ASX float completes the sales agreement between Forge and AusAmerican of New South Wales base metal assets.
Earlier this year, AusAmerican agreed to sell the projects to Forge in consideration of 3 million Forge shares. These shares are escrowed until 23 September 2012.
Forge listed yesterday, with an impressive closing price 17 cents higher than the 20 cent listing.
See company statement below:
The Directors of Australian-American Mining Corporation N.L. ("AusAmerican" or "the company") wish to inform the market that as a result of the successful listing of Forge Resources Limited ("Forge") yesterday on the Australian Securities Exchange ("ASX"), the last condition precedent of the sales agreement between AusAmerican and Forge was met and as a result Forge informed the ASX that the sale has been completed.
Earlier this year, AusAmerican agreed to sell the company's former New South Wales base metal projects to Forge in consideration of 3 million Forge shares. These shares are escrowed until 23 September 2012.
Forge listed yesterday making a spectacular debut with the 20 cents shares closing at 37 cents, making it one of the most successful IPOs of the year.
The Directors of AusAmerican would like to wish Forge all the very best for the future and congratulate them on their successful listing.
