Scheme Consideration-0.909 Bullabulling Gold Share (4203Z)

TIDMGGG

RNS Number : 4203Z

GGG Resources PLC

15 March 2012

GGG Resources plc

("GGG" or the "Company")

Scheme consideration - 0.909 Bullabulling Gold Shares for 1 Auzex Share

GGG Resources plc advises that the Cash Balancing ratio has been set at 0.909 Bullabulling Gold Share for every Auzex Share.

The Cash Balancing amount (being the amount of cash required to be subscribed by GGG to Auzex to ensure that the Net Cash Assets of GGG and Auzex are equal on the Effective Date) has been set at $4.7 million.

Accordingly, under the Cash Balancing Adjustment, GGG will subscribe for 18,540,434 Auzex Shares at an issue price of $0.2535 (25.35 cents) (being a discount of 10% to the 5 day Volume Weighted Average Price ("VWAP") ending 14 March 2012 of Auzex Shares on ASX).

The subscription is conditional on the Australian Scheme being approved and becoming Effective and will occur after the Effective Date and before the Record Date. It is currently expected to occur on 29 March 2012.

Following the issue of new Auzex Shares to GGG as part of the Cash Balancing Adjustment it is anticipated that there will be 159,008,999 Auzex Shares on issue of which GGG will hold 28,807,101 Shares (being 18.1%) and immediately prior to the Implementation Date there will be 170,680,298 BBG Shares on issue.

On completion of the merger between GGG and Auzex it is anticipated that there will be 289,002,949 Bullabulling Gold Limited Shares on issue.

For further information please contact:

 
 Dr. Jeffrey Malaihollo           Westhouse Securities Limited (UK Nominated 
  MD, GGG Resources plc (UK)       Adviser) 
  Tel: + 44 1992 531820            Tom Price / Martin Davison / Jonathan 
  Email: www.gggresources.com      Haines 
                                   Tel: + 44 20 7601 6100 
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 Neil Boom                        Collins Stewart Europe Limited (Broker) 
  MD, Gresham PR Ltd (UK).         John Prior / Adam Miller 
  Tel: + 44 7866 805 108           Tel: + 44 20 7523 8350 
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 David McArthur                   David Brook 
  GGG Resources plc (Australia)    Professional Public Relations (Australia 
  41 Stirling Highway              media) 
  Nedlands, WA 6009                T: [phone]/ [phone] 
  Australia                        E: [e-mail] 
  Tel: [phone] 
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Unless otherwise defined, capitalised terms in this announcement have the same meaning as in the Admission Document published by Bullabulling Gold Limited published on 12 March 2012.

This information is provided by RNS

The company news service from the London Stock Exchange

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