GOLD, copper and nickel deposits company Goldminex Resources is still looking for options for its Papua New Guinea exploration tenements after agreeing to acquire financial software company Enzumo Group.
In its September quarterly announcement, Goldminex said the board and its technical advisors were continuing to assess the options for its remaining Papua New Guinean assets, which cover about 86,400 hectares in the Owen Stanley region.
These included potential exploration joint ventures, disposal of the interests, or to carry out exploration of four priority targets in its Liamu copper-gold project area that was recommended in an independent technical review in the March quarter.
Goldminex made no statement about what it planned to do with the permits in its November announcement of the Enzumo acquisition, which will take the form of a back-door listing.
The company plans to consolidate its existing issued capital on a 10 for 1 basis, meaning the group will have 11.3 million shares on offer, subject to shareholder approval.
Following this, it will conduct a capital raising, seeking to raise between A$3 million and A$5 million through the issue of shares at 20 Australian cents each – a move which could see it issue a total of 15 million new shares.
A further 14 million fully paid shares with an issue price of 20 Australian cents each, will also be issued to the vendors of Enzumo Group – as well as the payment of A$1.6 million in cash at completion and the issue of up to 5.4 million performance shares.
Goldminex said it would change its name to Enzumo Group as part of the transaction, saying the move would form the basis of a new financial technology and e-learning company.
Existing Goldminex directors Adrian Fleming, David Sode would resign or retire from the group following completion of the transaction, with Niall Cairns and Philip Carter to remain – being joined on the board by Enzumo founder Andrew Rawlinson.
Goldminex shareholders are scheduled to meet on 29 January to approve the deal, with shares expected to resume trading on the Australian Securities Exchange by 26 February.