ABN Newswire Stocks to Watch: March 11, 2010
Sydney, Mar 11, 2010 AEST (ABN Newswire) - Atlas Iron Limited (ASX:AGO) and Aurox Resources Limited (ASX:AXO) (PINK:AUOXF) have reached agreement for the two company to merge by way of scheme of arrangement. Atlas will issue Aurox shareholders with one Atlas share for every three Aurox shares they hold upon implementation. Atlas will also make offers to Aurox optionholders to issue Atlas shares to them on a ratio determined by reference to the respective exercise price and expiry date of their options. The Board of Aurox has unanimously recommended that all Aurox security holders support the merger, in the absence of a superior proposal.
Further to D'Aguilar Gold Limited's (ASX:DGR) said that it is on track to merge its 80% subsidiary AusNiCo Ltd with Tier 1 TSX venture Exchange listed Lions Gate Metals Inc. (CVE:LGM) (PINK:LGMFF). All of the relevant parties to the transaction have now executed the definitive Securities Exchange Agreement, and preparations are being made by Lions Gate to complete the Filing Statement for lodgement with the TSX by 15 March 2010. D'Aguilar Gold and Lions Gate are currently finalising the CDN$4,000,000 capital raising being undertaken in conjunction with settlement of the transaction.
Magnetic Resources Nl (ASX:MAU) has now completed 94% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA. The survey forms part of Magnetic's search for iron ore close to existing infrastructure. Currently Magnetic is talking to rail authorities and experts in respect to possible iron ore operations using existing railway networks close to Magnetic's tenements and targets. These are early stage discussions yet Magnetic anticipates positive outcomes.
The merger of Vulcan Resources Limited with Universal Resources Limited (ASX:URL) became effective on 19 February 2010. The new company has been focussed on development studies at the Outokumpu copper project located in eastern Finland. Universal said preparations for a potential start to operations at the Outokumpu project are well advanced.
The board of Victory West Moly Limited (ASX:VWM) said it has retained Convergence Capital Limited ("CCL") as the Company's Global Investor Relations partner. CCL specializes in providing a multi-faceted suite of services designed for each of its client's needs in order to increase international market awareness and provide the foundation for growth.
ABM Resources NL (ASX:ABU) has released further results compiled and validated from its regional exploration portfolio and database for the Northern Tanami Project Area in the Northern Territory. ABM Managing Director, Darren Holden said the Northern Tanami Projects are a great complement to the company's growing portfolio of advanced targets.
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Vulcan Resources Limited
Victory West Metals Limited
Magnetic Resources Nl
Lions Gate Metals Inc.
DGR Global Limited
Aurox Resources Limited
Atlas Iron Limited
Altona Mining Limited
ABM Resources NL