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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eurogold | EUG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.00 | 1.00 |
| Top Posts |
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Posted at 21/12/2006 11:02 by cezary What does this mean for existing shareholders of EUG???Do we get 1 Dragon share for every 4 EUG we hold?? |
Posted at 21/12/2006 08:49 by zaphod99 Eurogold Proposed Sale of Gold AssetsRNS Number:3957O Eurogold Limited 20 December 2006 EUROGOLD L I M I T E D (ACN 009 070 384) ASX RELEASE 21 December 2006 ASX & AIM Symbol "EUG" PROPOSED SALE OF GOLD ASSETS Eurogold Limited ("Eurogold") is pleased to announce that it has entered into an agreement for the sale of its Saulyak Gold Project in Ukraine to Dragon Mining NL ("Dragon"). The all scrip transaction will involve approximately 80 million Dragon shares being issued to Eurogold as consideration, representing the equivalent of 1 Dragon share for every 4 Eurogold shares. The value of the transaction, based on a Dragon share price of A$0.16 per share, is approximately A$13m or A$0.04 per Eurogold share. The transaction will be effected by the sale of Eurogold's wholly owned Bermudian subsidiary, which holds the Saulyak Project, and is subject to the approval by shareholders of both companies and Dragon completing financial and legal due diligence. It is expected that the shareholders meetings will be held during February 2007, with notices for these meetings sent to shareholders during January 2007. Completion is due to occur at the end of February 2007. Dragon will also immediately provide a working capital loan of approximately US$2 million to Eurogold to cover corporate overheads and to allow the work programme at the Saulyak Project to continue until the sale is completed. The loan is a limited recourse loan and secured by a charge over Eurogold's receivables, which include its loans to S.C. Transgold S.A. (in liquidation) ("Transgold") and S.C. Explorer SA (in liquidation) ("Explorer") of approximately US$3m and US$0.7m respectively. If the sale is completed, Eurogold is only liable to repay up to US$600,000 of the loan to Dragon and only to the extent that it has received any repayments of the debts owed to it by Transgold and Explorer. Upon completion of the share sale, Eurogold will also either assign, or account, to Dragon for Eurogold's receivables (which include the debts owed to it by Transgold and Explorer), other than any proceeds it may receive under its litigation claim against Oxus Gold plc (and its related entities) ("Oxus"). However, once the US$600,000 of the loan to Dragon has been repaid, Eurogold will be entitled to retain 8.3% of such receivables up to US$250,000. If the sale is not completed, Eurogold will be liable to: 1. repay the entire loan amount to Dragon, but only to the extent that it receives any proceeds in repayment of the debts owed to it by Transgold, from its litigation against Oxus, from the sale of the Saulyak Project to a third party, from the repayment of its loan to ZLLC or from any capital raising or raisings it undertakes to raise in excess of A$5m; and 2. pay a break fee to Dragon of either $500,000 if Eurogold accepts, or its directors recommend that its shareholders accept, a competing proposal for the acquisition of the Saulyak Project, or $130,000 if Eurogold shareholders otherwise do not approve the sale. Eurogold has been advised that the liquidator for Transgold and Explorer recently accepted an offer of US$7.3m for Transgold and Explorer. The successful bidder was a joint venture between Oxus Gold plc and KazahkGold Group Ltd. Following the sale of the Saulyak Project, which is currently Eurogold's main asset, Eurogold will continue as a separate corporate entity and will be Dragon's largest shareholder with approximately 15% of the enlarged capital. The Eurogold board has agreed to hold the Dragon shares that it will receive in consideration of the sale for a minimum of six months and it is the Company's intention to then distribute those shares in-specie. Eurogold also intends to review other new business opportunities and notes that under both the Australian Stock Exchange (ASX) Listing Rules and the AIM Rules this may require certain requirements in relation to "investing companies" to be met. Further details on Eurogold's future strategy will also be set out in the notice for the shareholders meeting to approve the sale. After the sale transaction has been completed, it is intended that Eurogold's Executive Chairman, Peter Gunzburg, will join the board of Dragon as a non-executive director. About Dragon Mining Dragon is headquartered in Perth, Western Australia and listed on the ASX with a market capitalisation of approximately A$70m at a share price of A$0.16 per share. Dragon currently produces approximately 50,000 oz of gold per annum from its 80% owned Svartliden Mine in Sweden and aims to bring the Outokumpu built Vammala processing facility and Orivesi mine (Dragon 100%) in Finland on stream in the middle of 2007, with expected production of around a further 50,000 oz of gold pa. Dragon also holds a suite of near mine and regional exploration prospects for gold and nickel in Sweden and Finland as well as interests in mineral projects in Eritrea and Western Australia and an investment in AIM and ASX listed Vulcan Resources Limited. Further details on Dragon are available on Dragon's website at www.dragon-mining.co The Saulyak Project Eurogold has previously reported (refer to announcement dated 11 July 2006) that the Saulyak Project in southwest Ukraine has an estimated total C1 and C2 category "reserve" under the Soviet classification system of approximately 578,000 oz of Gold (2.1 million tonnes @ 8.4g/t). Eurogold and Dragon are confident that this can be converted to a JORC Code compliant Mineral Resource during the next year and believe that there is substantial potential for delineating further resources. The Saulyak Project was recently granted a new 5 year activities licence and as reported in our last quarterly, Eurogold "... is preparing a revised work programme in support of an application for the early conversion of the Saulyak "sub-soil" licence into a Mining Licence". The current sub soil licence, which confers the mining rights for the Saulyak Project, expires in November 2007. The transaction with Dragon, which provides for the immediate ongoing funding of the Saulyak project, will enable the Saulyak Project work programme to be accelerated and should enhance that application. Furthermore, Dragon has significant project development and operational expertise in similar European environments that will be invaluable for advancing the Saulyak Project. The combination of the Saulyak deposit with Dragon's existing European production and development portfolio, provide shareholders with an exciting exposure to an attractive and growing suite of European Mining assets. Peter Gunzburg Managing Director Eurogold Limited The information on resources in this report has been reviewed by Mr Simon Pepper, a full time employee of Eurogold. Mr Pepper holds a MSc Mining Geology from Camborne School of Mines, is a member of the Institute of Materials, Minerals and Mining in the United Kingdom and has at least five years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. Mr Pepper has reviewed this report and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Saulyak deposit is located in Ukraine and most of the previous work was conducted by Soviet state organisations and some of the Soviet exploration data has not yet been fully validated in accordance with the JORC Code. As such, this report includes references to a resource estimate that is not yet JORC Code compliant. As discussed in this report, Eurogold is currently working towards the conversion of this into a JORC Code compliant Mineral Resource estimate. This information is provided by RNS The company news service from the London Stock Exchange |
Posted at 29/11/2006 12:40 by pecker1 Cezary,If EUG were to be repaid their $3m this should be enough to finance conversion to the mining licence they need before Nov 2007, which is mentioned in the 31/10 RNS. A ray of hope at last? |
Posted at 14/11/2006 13:51 by zaphod99 azalea - I believe the tip was for European Goldfields (EGU) rather Eurogold (EUG).Given that 1200 x 1.25p = £15 I assume you've simply posted on the wrong board rather than bought the wrong shares. |
Posted at 23/8/2006 11:07 by zaphod99 The legal action would appear to be Eurogold's last throw of the dice given their precarious cash position. If Oxus end up winning the legal case (assuming it reaches court) their acquisition of the EUG interests could still go ahead but at a much reduced price. |
Posted at 23/8/2006 09:41 by giant steps Prices bid 1.5p offer 2.25p, volume @ 09:40 NILWonder if OXS will 'temporarily' reduce their holding in EUG to signal their dissatisfaction with investment case, given pending contract claims |
Posted at 17/8/2006 15:47 by cezary GS...time to start another thread......Eug after ???? |
Posted at 29/6/2006 11:01 by cezary EUG shares suspended on ASX and AIM today!!!Looks like OXS possibly doing the dirty on EUG a second time??? |
Posted at 01/5/2006 01:48 by chipperfrd NEWS!EUG has agreed to sell it's Ukranian & Romanian gold exploration assets to OXS for £11m (AUD$26m). This will be part funded by the cancellation of OXS's 17% holding in EUG. The balance (AUD$23m) will be in cash. I wonder what EUG shares will be priced at now? I had held onto a few because of Saulyak - guess it's time to dispose of them. Chip |
Posted at 24/2/2006 10:01 by zaphod99 With Oxus engaged in the Jerooy negotiations perhaps they've agreed to put EUG on the back burner until Jerooy is finally resolved. The last thing they'd want is to give the Kyrgyz government any ammunition to continue their refusal to give the licence back and EUG could perhaps be regarded as an unnecessary distraction.EUG also have the blight of an environmental disaster hanging over them and although Oxus would not have been implicated, it could perhaps have been used in the propaganda war against Oxus had the deal gone ahead. Interestingly, RBC regarded the EUG deal as positive because of exploration potential. Personally, I don't think we've heard the last of the OXS/EUG deal. Anyone else sniffing around EUG as a potential takeover target may have been put off by the recent negative announement regarding the processing plant. |
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