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  • AAQ Holdings Changes Name To Fraser Range Metals Group 0 comments
    Feb 6, 2013 12:26 AM

    AAQ Holdings (ASX: AAQ) has completed its change of name and is now known as Fraser Range Metals Group, reflecting its new company direction of mineral exploration in the highly prospective Albany Fraser Orogen.

    From tomorrow the company will trade under the ASX ticker FRN.

    AAQ received support from shareholders for the change in company name at the recent annual general meeting, as well as a consolidation of the company's share capital.

    The consolidation, which is scheduled to begin on 11 February 2013, will be conducted on the basis that every 33 shares will be consolidated into one share.

    AAQ is currently suspended from trading until it has completed the recompliance of Chapters 1 and 2 of the ASX listing rules.

    The company previously began its transition into a multi commodity exploration company with the acquisition of two substantial tenement packages in the Western Albany Fraser Orogen.

    AAQ is acquiring 100% ownership of the Plumridge Project, located along the Tropicana Gold Belt, fromInternational Goldfields (ASX: IGS) and 100% ownership of the Fraser Range Project from Fraser Range Resources.

    The transactions endow AAQ with advanced drill ready exploration as well as tenements along the general trend of the Albany Fraser Orogen from Sirius Resources (ASX: SIR).

    The Albany Fraser Orogen is highly prospective for the discovery of gold mineralisation, as demonstrated byAngloGold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) 7.9 million ounce Tropicana Gold Project.

    There is also significant potential for nickel-cobalt-copper mineralisation in settings analogous to Sirius' Nova discovery.

    AAQ recently announced changes to its Board in line with its new strategic direction.

    The company has also secured two short term funding facilities totalling A$250,000 with the major shareholders of Fraser Range Resources to assist with costs associated with the re-compliance process and general working capital.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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