GGG bid to de­lay pro­ject

Townsville Bulletin - - Investor -

TAKEOVER tar­get Auzex Re­sources Ltd says an un­wel­come bid by its joint ven­ture part­ner is a dis­trac­tion that will likely de­lay the de­vel­op­ment of their Bul­lab­ulling gold pro­ject in West­ern Aus­tralia. Auzex ear­lier this month re­jected the of­fer from GGG Re­sources, which is listed on Lon­don’s Al­ter­na­tive In­vest­ment Mar­ket for small cap stocks, as in­ad­e­quate and op­por­tunis­tic. ‘‘ The GGG pro­posal is op­por­tunis­tic and deeply flawed and in­tro­duces con­sid­er­able risk with­out any re­deem­ing fea­tures for share­hold­ers, or the pro­ject,’’ Auzex said yes­ter­day.

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