Auzex Resources (ASX: AZX) shareholders today overwhelmingly approved the scheme of arrangement under which Auzex will merge with Bullabulling Gold Limited.
In regards to the Implementation of Scheme or Arrangement, Auzex will seek orders from the Supreme Court of Queensland approving the scheme at a second court hearing scheduled for 9:15 am on Tuesday 27 March 2012.
If the Court approves the Scheme, Auzex intends to lodge the orders of the Court with the Australian Securities and Investments Commission on Wednesday 28 March 2012 - and the Scheme will become effective on that date.
Bullabulling Gold emerges
Earlier in the week the new company Bullabulling Gold (ASX: BAB, LON: BGL) was admitted to the Official List of ASX, ahead of the completion of a merger between Auzex Resources (ASX: AZX) and GGG Resources (ASX: GGB, LON: GGG).
Bullabulling Gold has been formed as a merged entity between joint venture partners Auzex and GGG, to manage the development of the Bullabulling gold project.
The project, located 70 kilometres from Kalgoorlie in the Eastern Goldfields, hosts a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.
Importantly, the project is funded up to a Bankable Feasibility Study, with $11 million in cash.
In February the joint venture defined a JORC Resource at the project of 102.8 million tonnes at 0.96 grams per tonne (g/t) gold for 3.2 million ounces.