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Austpac Resources NL (ASX:APG) today announced that no parcels of the 31,010,000 Austpac shares offered for sale at auction were sold. The auction was held at the Royal Exchange, 1 Gresham Street, Sydney on 21 January 2019.
This comes after the company notified that its forfeited shares would be sold at the action at the Royal Exchange. Austpac reserved the price at $0.002 per share for the sale of parcels that were offered in 5 million share lots. But in todayâs release, Austpac Resources NL told that no such shares were sold and thus, these shares are now to be held in trust by the company for re-issue in future placements.Â
Austpac Resources N.L. reported a loss for the year ending 30 June 2018 of $26,935,454, compared to the loss of $9,091,040 in FY17. During the Fiscal year 2018, the company has continued to refine the Companyâs Zinc & Iron Recovery Process (ZIRP) technologies which are focussed on recycling zinc-contaminated steel mill furnace dust and spent pickle liquor to recover pig iron and strong hydrochloric acid.
On 3 October 2018, the company has received $200,000 in accordance with an unsecured loan agreement it has entered into with Chairman Terry Cuthberston. The loan had been agreed at a repayment period of 13 months from 3 October 2018. When due for repayment, the loan reportedly may be repaid in cash or converted to shares at the discretion of the lender, with 5% p.a. interest payable on the completion of the loan period.
Austpac further believes that its testwork and marketing program underway at Newcastle will assist in the creation of opportunities to commercialize the Companyâs technology in the USA. It is because the technology presently used in North America produces a medium value upgraded zinc oxide product and a low-value iron oxide used in cement, but Austpacâs process produces high-value zinc oxide and pig iron, and also uses waste SPL to produce a third product, HCl. If the Newcastle project goes through, Austpac will get the opportunity to access the US steel industry that produces over 87 million tonnes of steel every year.
The management advised that Austpac maintained a low-cost diversified activity during FY18 which included mineral sand technology, steel industry technology, acid regeneration, and iron products, gold and base metals exploration. The exploration division has reportedly generated cash flow to enable funding the construction of the Newcastle Plant. The company stated that this low-cost division has contributed to the longevity of the company through risk diversification.
In todayâs trading session there has been no daily price change in the stock of APG Resources. The stock price last traded at $0.001. The change in the daily volume of the stock has also been flat throughout the day, 22 January 2019. Over the past 12 months, APG stock price has massively fallen by 88.89% to $0.001.
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