06/05/2011 - 11:45

GGG gains approval for ASX listing

06/05/2011 - 11:45

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GGG Resources says it has received formal conditional approval for a dual listing on the Australian Securities Exchange.

GGG Resources says it has received formal conditional approval for a dual listing on the Australian Securities Exchange.

The junior gold explorer also announced it had successfully raised $8.03 million from its share offering at $0.40 per share.

GGG said it was currently in the process of fulfilling the ASX's final conditions for official listing.
The company is also listed on London's Alternative Investment Market.

Managing director Jeff Malaihollo said the dual listing would enable GGG to offer Auzex shareholders the choice of Australian- or UK-registered shares as consideration for the company's off-market takeover offer of Auzex.

"The completion of the company's secondary listing on the ASX will assist us to raise further capital required to fund the development of the Bullabulling project in both Australia and the UK," Mr Malaihallo said.

Auzex and GGG each own a 50 per cent interest in the Bullabulling project, which has been in care and maintenance since 1998.

GGG presented an all-scrip takeover offer to Auzex in March, in which it offered seven GGG shares for every five Auzex shares.

Auzex' board told shareholders to reject GGG's offer, calling it flawed and grossly inadequate.

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