? Korab shareholders to receive 1.266 FREE shares in Lugansk Gold ? Lugansk Gold Ltd indicative IPO issue price has been set at 26-34 cents per share ? Korab shareholders to receive 1.266 FREE shares in Melrose Gold Mines ? Melrose Gold Mines Ltd indicative IPO issue price has been set at 20-24 cents per share
Outcome: NOTICE THE WORD FREE. Melrose (MGH) and Lugansk (LUG) came close and even reached 2nd base as it was even designated asx codes ready for trading and even had timetables announced as to commencement of trading but in the end GONE!
As per announcement: Korab Resources Limited (ASX:KOR) (“Korab” or “the Company”) has been separately advised by both Melrose Gold Mines Ltd (“Melrose”) and Lugansk Gold Ltd (“Lugansk”) that they will no longer seek admission to the ASX given the challenging ongoing state of the IPO market, which has impeded their ability to successfully list on the ASX. The previously announced in-specie distribution of Lugansk and Melrose shares held by Korab was contingent upon each company obtaining admission to the ASX. As a consequence of Melrose and Lugansk resolving not to seek such admission, the distribution of shares will no longer proceed.
Outcome: For now P1 finding it hard to get past ASIC. First Mongolian still nothing for now. I notice the word FREE again though. Watch this space as I am intrigued as to what the final outcome will be.
GCN Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held