- New Energy Minerals (NXE) is gearing up to re-list on the ASX under a new name, Goldoz
- It also has an agreement to purchase the tenements of the Hurricane Gold Project in North Queensland
- The company hopes to re-list in within six to eight weeks
- Existing shareholders will have the first opportunity to contribute to the Rights Issue
- Shares in NXE last traded at 2.7 cents apiece
New Energy Minerals (NXE) is gearing up to re-list on the ASX under a new name and with a new project.
The company has an agreement to purchase the tenements of the Hurricane Gold Project in North Queensland.
It’s about to release the prospectus for a new iteration of the company, set to be named Goldoz, and will endeavour to raise $5 million through a 20c rights issue.
It has been a rocky ride for NXE shareholders after the company divested its suite of projects in Mozambique, including its Caula vanadium and graphite project and the Montequez Ruby Project.
MD of three months Andrew Haythorpe said when New Energy Minerals was suspended from the ASX in October, shares were trading above 2 cents.
‘Unfortunately the opportunity for the company to simply pick up new projects as a 2-cent company and continue to rebuild from that base, that option got removed from the table last year … that was for reasons outside the company’s control or influence,” he said.
“So what the company’s had to go through is this more onerous process of a reconstruction and then re-listing, and that’s what we’re very advanced on completing now.”
Mr Haythorpe said the new tenements had revealed promising surface gold.
“We have seen numbers of 20, 30, 40 grams per tonne – even higher – reported from gold rock chipping at surface, so that’s pretty special stuff,” he said.
Mr Haythorpe said he hoped the new version of the company would re-list within six to eight weeks.
Existing shareholders will have the first opportunity to contribute to the Rights Issue.
Shares in NXE last traded at 2.7 cents apiece.