GGG Ggg Resources

 
TIDMGGG 
 
GGG Resources plc 
 
                           (the "Company" or "GGG") 
 
                           Australian listing update 
 
11 March 2011 
 
On 25 January 2011, the Company successfully raised A$9 million from 
institutional and private investors in an oversubscribed Share Offer. The 
raising is conditional upon the Company obtaining approval to list on the 
Australian Stock Exchange ("ASX"). To date approval to list on the ASX is still 
pending and no shares have been allotted or issued. The delay in obtaining ASX 
approval means that the Shares (in the form of CDIs) will not be admitted to 
quotation within the 3 month time limit, imposed by the Australian Corporations 
Act 2001 (Cth), from the original prospectus dated 13 December 2010. 
 
To allow additional time for the Company to obtain ASX approval to list and for 
the Shares to be admitted to quotation, the Company has applied for, and has 
been granted on 11 March 2011, an extension by the Australian Securities and 
Investments Commissions ("ASIC") that gives the Company a further 3 months 
after the date of the issue of a Supplementary Prospectus to obtain quotation 
on the ASX of the Shares offered under the Prospectus (that is, by 11 June 
2011). The Company has today lodged a Supplementary Prospectus. 
 
The ASX has not yet granted the Company approval to list as at present the 
Company cannot demonstrate to the satisfaction of the ASX that it has 
sufficiently met certain commitments to spend at least half of its cash and 
cash equivalent assets, as required by ASX Listing Rule 1.3.2(b). In 
particular, while the Company has proposed and submitted to the ASX a 2 year 
budget for the Bullabulling Project that meets this commitments test, the ASX 
has requested assurance from the Company's joint venture partner, Auzex 
Resources Limited ("Auzex"), that the amounts proposed for the 2 year budget 
are reasonable. This assurance has been requested from Auzex, which 
unfortunately to date has delayed providing a response. 
 
The Company understands from its discussions with the ASX that this issue may 
be resolved if further disclosure in relation to the Company's proposed budget 
is provided in a Supplementary Prospectus. In particular, the ASX has asked the 
Company to detail the basis on which it considers its proposed budget is 
reasonable, the joint venture dispute mechanisms that apply in the event Auzex 
does not approve the proposed budget, and the Company's strategic plan if Auzex 
does not approve the proposed budget. The Company has set out additional 
disclosures in relation to these items in the Supplementary Prospectus with a 
view to obtaining ASX approval to list. 
 
It is a condition of ASIC's extension that the Company must give applicants 
(those who had committed to subscribe for GGG shares under the prospectus dated 
10 January 2011) a copy of the Supplementary Prospectus and a one month option 
from the date of the Supplementary Prospectus to withdraw their application and 
be repaid their Application Money in full. The one month period to withdraw 
expires at 5pm (Perth time) on 11 April 2011. The Company will not pay interest 
on Application Monies refunded. 
 
To allow for the above withdrawal rights, the Prospectus has been extended and 
is now scheduled to close at 5pm (Perth time) on 11 April 2011. Assuming ASX 
conditional approval to list has been obtained by that time, the Company 
anticipates that Shares issued under the Prospectus will be quoted (by way of 
CDIs) on the ASX within 10 days of the Prospectus closing date. Applicants 
should refer to the Supplementary Prospectus for additional details. 
 
As at the date of this announcement, the Australian equivalent price of GGG 
shares is A$0.60 based on the closing price of GGG Shares on 10 March 2011 and 
using a GBP to A$ exchange rate of (1:1.6). This compares favourably with the 
offer price of A$ 0.40. 
 
The offer for Shares is being made within Australia. No action has been taken 
to permit the offering of the Shares in any jurisdiction outside Australia. 
Applicants who are resident in countries other than Australia should consult 
their professional advisers as to whether they can subscribe for the offer. 
 
Enquiries,please contact: 
 
Dr. Jeffrey Malaihollo           Westhouse Securities Limited (Nominated 
                                 Adviser) 
Tel: + 44 1992 531820 
                                 Tom Price / Martin Davison 
Email: www.gggresources.com 
                                 Tel: + 44 20 7601 6100 
 
Gresham PR Ltd.                  Collins Stewart Europe Limited (Broker) 
 
Neil Boom                        John Prior / Adam Miller 
 
Tel: + 44 7866 805 108           Tel: + 44 20 7523 8350 
 
 
 
END 
 

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