ASX conditionally approves GGG Resources listing

 AIM-listed Western Australian-focused resources company GGG Resources has received formal conditional approval to be admitted to the Official List of the ASX.

GGG closed its Australian share offering on 2 May 2011 having accepted applications for just over 20 million shares at an issue price of 40 cents, raising $8.03 million.

The company is currently in the process of fulfilling final listing approvals. Subject to receiving the ASX’s final approval, GGG anticipates ordinary shares to be issued under its Australian share offering (in the form of CDIs) will commence trading on the Australian bourse by mid-to-late May under the code GGB.

“We are delighted with ASX’s decision after some unexpected delays,” GGG Resources managing director Jeff Malaihollo said in an announcement.

“We wish to thank our new Australian shareholders and advisors for their patience and considerable commitment to the Company’s vision of developing a major new gold mine at Bullabulling in the Coolgardie Goldfields.”

GGG Resources holds a 50% equity interest in the Bullabulling gold project located in the Eastern Goldfields of WA.

The other 50% equity interest in the Bullabulling Gold Project is owned by Auzex Resources.

GGG Resources and Auzex operate Bullabulling as a 50/50 unincorporated joint venture managed by a joint venture committee comprising two representatives from each company.

Once the Australian listing has been completed GGG Resources will become a dual-listed company retaining its AIM standing.

This will add a further string to the company’s bow in consideration to its proposed takeover of Auzex Resources.

“We will then be able to offer Auzex shareholders the choice of having the GGG shares they receive, as consideration for the off market takeover offer for Auzex, registered on GGG’s Australian share register (and trade those shares, in the form of CDIs on the ASX market) or GGG’s United Kingdom share register (and trade those shares on the AIM market),” Malaihollo said.