A1C - AIC Resources

[System]

AIC Resources Limited is an early stage gold exploration and development company focused on developing the Marymia Project located in the Eastern Gascoyne region of Western Australia.

It is anticipated that A1C will list on the ASX during December 2017.

http://www.aicresources.com.au

 

[Joules MM1]

tightly held
with only 56.5mm avail (total 7mm scrip) yet 47mm held by top 20 s/h's

that's prob the main reason that when issued at .200 price mildy dipped and has held up on tiny turnover since listing

prior to A1C taking Marymia and NE the tenements were held by defunct (AKE.AX) Austrasia Mining but doesnt appear any work was done however some study pages are worth reading from their 2012 prospectus
search: ann-austrasia-international-mining-limited-pro.1687512/?post_id=9842960#.WnGNummuzRY
tenements looked at by EMG.AX Emergent
http://www.aspecthuntley.com.au/asxdata/20110328/pdf/01165480.pdf
(Nathan Lude was CEO of EMG prior to being onboard AKE)

todays release did offer anything spesh, thing is, the tightly locked up register is the key on any find rather than the find itself.......

 

[Joules MM1]

block trade (cross) today ....nothing spesh about that even tho the reg is tighter than a gnats

from one major holder to another, most likely, Nordana?
... i'll get a gpz7000 to get the ball rolling

 

[greggles]

AIC Resources announced today a friendly takeover of the company by Intrepid Mines in an all scrip bid of one Intrepid Mines share for every three AIC Resources shares. Upon successful completion of the transaction, existing Intrepid shareholders and AIC shareholders will own approximately 36% and 64% of the combined entity, respectively.

As the transaction will involve the issue of more than 100% of Intrepid's current issued capital, the proposed transaction is classified as a 'reverse takeover' for the purposes of the ASX Listing Rules and is therefore subject to the approval of Intrepid shareholders.

Here's the Strategic Rationale as explained by the Takeover announcement from today:

Strategic rationale

In the opinion of AIC and Intrepid directors, the Offer provides a number of benefits for AIC and Intrepid
shareholders, including:

• combining the two companies will deliver a large contiguous land holding which is highly prospective for gold and base metals in Western Australia;
• the combined entity will also benefit from a strong cash balance;
• combining both companies results in a reduction in general and administration costs of over A$500,000 per annum, allowing more in ground expenditure; and
• an experienced board and management team, led by Brett Montgomery as the CEO and Josef El-Raghy as Chairman, with Richard Baumfield and Tony Wolfe (existing directors of Intrepid) as non-executive directors.

The deal looks like a good one to me and both the A1C and the IAU share price have seen increases today, by 8.82% and 28.75% respectively. The new shares on issue of the combined entity will be 38,400,000 and it should have around $20 million in cash in the bank. A nice war-chest for future exploration activity.

 

[barney]

Interesting arrangement price wise ….

A1C currently 18.5 cents

S/H get 1 IAU share for every 3 A1C shares …. IAU currently $1.10

IAU giving Capital Distribution to existing S/H of up to $0.75 cents

The Record Date for the transaction for return of capital to S/H is Tuesday 23rd October … It could get interesting after that

 

[System]

On May 16th, 2019, AIC Resources Limited (A1C) was removed from the ASX's Official List in accordance with Listing Rule 17.14, following despatch of the compulsory acquisition notices by Intrepid Mines Limited (IAU).