"AZX will spin off its non-Bullabulling assets to a separate vehicle AZX2, leaving AZX with 50% ownership of Bullabulling and cash."
According to the last balance I read AZX had $6.5m cash at hand.
So does this mean AZX2 (being the non-Bullabulling assets) company has no money?? So I take the capital raising is with AZX2, not AZX right?
Also it says: "GGB & AZX have agreed to each lent OpCo half of three months budget for the Bullabulling JV ($6.5m).
So OpCo is the temporary company that will run the Bullabulling project while AZX and GGB are undergoing the merger. If this $6.5m from each company is given to OpCo. Any remaining money on completion of forming Bullabulling Gold Limited (BBG), would OpCo refund this to AZX2 or will it be integrated into BBG?
AZX Price at posting:
44.9¢ Sentiment: Buy Disclosure: Held
