Auzex Resources (ASX: AZX) has cleared the final hurdle in the merger between it and the newly formed Bullabulling Gold (ASX: BAB) after receiving Supreme Court of Queensland approval.
The merger will become effective as soon as the court order approving the merger has been lodged with the Australian Securities and Investments Commission, which is scheduled for 29 March.
Scheme shareholders on Auzex’s share register at 6pm (Brisbane time) on 5 April 2012 will receive 0.909 Bullabulling shares for every Auzex share they own.
Bullabulling Gold emerges
Last week, the new company Bullabulling Gold was admitted to the ASX, ahead of the completion of a merger between Auzex Resources and GGG Resources (ASX: GGB, LON: GGG).
Bullabulling Gold has been formed as a merged entity 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.