Corizon Signs Letter Agreement with Malaysia-based Gecko Metals Sdn Bhd

  • Apr 29, 2019 AEST
  • Team Kalkine
Corizon Signs Letter Agreement with Malaysia-based Gecko Metals Sdn Bhd
Corizon Limited (ASX: CIZ), based in Subiaco, Australia, is a mineral exploration company engaged in the discovery and development of tungsten, molybdenum, gold, and base metal deposits. The company signed a binding Term Sheet for the acquisition of the full issued capital in RWG Minerals Pty Ltd held by GWR Group Limited, to acquire 100% interest in three highly prospective exploration projects in WA. On August 17th, 2018, the Company lodged the Notice of Meeting with ASX to seek shareholder approval for the same, which was received on September 14th, 2019. Subsequently, the company now holds 100% interest in three prospective exploration assets, including the Nardoo Well Project (131 km2) in the Gascoyne region of Western Australia (WA); the Twin Hills gold project covering the north and south strike extension of the historic high grade Twin Hills gold mine located 150 km north of Kalgoorlie in the Eastern Goldfields; and the Cookes Creek project (51 km2) in the East Pilbara of WA. On April 29th, 2019, the company announced to have entered into a letter agreement with Gecko Metals Sdn Bhd, a Malaysian incorporated exploration and mining company. The essential purpose of the letter agreement is to develop a commercial relationship for the mutual benefit of the parties and work together to identify and evaluate mineral propsects in and around the regions of Kelantan, northeast of Peninsular Malaysia, Perak, northwest of Peninsular Malaysia and Terengganu, Malaysia. Besides, closer ties with Gecko Metals would provide Corizon with the access to an extensive contact network within the region in order to assist with potential project generation and financing activities.  Corizon has already completed due diligence on GM and its assets which included a site visit by Non-Executive Directors, Mr Mathew Walker and Mr Teck Wong, along with an Australian geological consultant. Recently, Corizon also published the Third Supplementary Prospectus dated April 9th, 2019 following the Second Supplementary Prospectus dated March 6th, 2019, which supplements the First Supplementary Prospectus (December 6th, 2018) and the prospectus dated October 5th, 2018 (Original Prospectus). According to the company’s Interim Financial Report for the half-year ended December 31st, 2018, the net loss for the period amounted to $ 402,532, which is higher than the loss of $ 142,653 recorded in the prior corresponding period ended December 31st, 2019. The net assets at the end of the period were valued at around $ 653,274 including net cash and cash equivalents of $ 479,289. The operating activities generated cash burns of approximately $ 373,241 (December 31st, 2017: $ 150,407) on account of payments to suppliers and employees.  For the consequent quarter ended March 31st, 2019, Corizon estimates the cash outflows to be around $ 130,000. Also, in October 2018, the company had announced an entitlement issue to raise a minimum subscription amount of $ 3,650,000. As of the date of second prospectus released on March 6th, 2019, around $ 601,901 were reportedly raised representing applications for 30,095,050 shares under the prospectus. The minimum subscription condition is required to be satisfied by July 6th, 2019. Corizon has around 157.5 million outstanding shares. The CIZ stock last traded on the market at AUD 0.040 on August 1st, 2016 and the securities have been suspended since then.

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