AAQ Holdings Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
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Fraser Range Metals Group Ltd Terminates Transaction To Acquire Fraser Range Resources Pty Ltd And Plumridge Gold Pty Ltd From International Goldfields Limited
Fraser Range Metals Group Ltd announced that the transactions to acquire Plumridge Gold Pty Ltd (Plumridge Gold) from International Goldfields Limited (IGS) and the acquisition of Fraser Range Resources Pty Ltd (Fraser Range Resources), will not be proceeding. Both Share Sale Agreements require the Company to raise enough capital to enable the Company to come out of suspension and begin trading shares on the ASX. The capital raising required is estimated to be approximately $4 million. Given current market conditions and despite numerous informal discussions with potential investors and the recently announced positive VTEM results, the Company has not been successful in raising the required funding. The terms under the Share Sale Agreements were agreed in different market conditions from those in which the Company finds itself now. The Company has made a number of attempts to renegotiate the agreed terms with International Goldfields Limited however, they have proved to be unsuccessful. As a result, the Company will not be able to satisfy the terms and conditions under the Share Sale Agreement so a Deed of Termination was executed today. As the acquisition of Fraser Range Resources was conditional on the Plumridge Gold transaction proceeding, the Share Sale Agreement with Fraser Range Resources is no longer valid.
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