Took a quick look at Greater Bendigo Goldmines listed on ASX.
672 mil shares at 1.5cts gives it a market cap of only $10 mil.
Revenues of only $627K
Loss of $6.8 mil
Cash of only $184K
Provisions of $3.1 mil from a Maradox agreement below.
This is when I decide not to research anymore....
---------------
CHASEN HOLDINGS LIMITED
(Company Registration No. 199906814G)
Incorporated in the Republic of Singapore
UPDATE ON INVESTMENT IN GREATER BENDIGO GOLDMINES LTD (“GBM”) AND
INTERMODAL TERMINAL DEVELOPMENT IN QUEENSLAND, AUSTRALIA LIMITED
(“GBM”), AUSTRALIA
Where capitalized terms are used in this announcement and not otherwise defined, such
capitalized terms shall bear the same meanings as ascribed to them in the Announcement No.
00093 dated 5 June 2008, Announcement No. 00170 dated 3 August 2009 and Announcement
No. 00111 dated 16 April 2010, relating to the investment in GBM.
The Board of Directors of Chasen Holdings Limited (the “Company”) wishes to announce that
pursuant to a New Zealand court agreed settlement of all claims and claimed debts due to the
Company by FPC, the Company has transferred the shareholdings of 67,500 ordinary shares in
and 77,810 convertible notes of Far Pacific Capital Ltd (“FPC”) back to Mr Ian Wilson Smith. In
consideration of which, FPC has transferred its 45,247,500 shares in GBM to the Company by
way of an off-market transaction.
As a result of the completion of the aforesaid transfers, the Company has transferred back to Mr
Ian Wilson Smith all its investment in FPC and increased its total shareholdings in GBM from
30,375,000 ordinary shares to 76,622,500 ordinary shares representing 11.32% of the total
issued and paid up share capital of GBM. In addition, the Company became a substantial
shareholder of GBM and an announcement had been released on ASX on or around 4
November 2013 where GBM is listed via a filing of ASX Form 603.
The investment in GBM is recorded as an asset held available for sale in Company’s balance
sheet.
