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Auzex Resources: shareholders approve demerger of Auzex Exploration

Auzex Resources (ASX: AZX) shareholders have overwhelmingly voted in favour and approved the demerger of Auzex Exploration Limited.

Auzex will now seek orders from the Supreme Court of Queensland approving the scheme of arrangement at a second court hearing scheduled for 9:15 am on Tuesday 20 December 2011.

If the Court approves the Scheme, Auzex intends to lodge the orders of the Court with the Australian Securities and Investments Commission on Wednesday 21 December 2011 and the scheme will become effective on that date.

This will allow Auzex to demerge its non-Bullabulling assets into a newly incorporated unlisted public company to be known as Auzex Exploration.

In regards to Bullabulling, Auzex and GGG Resources (ASX: GGB; AIM: GGG) will combine the 2.6 million ounce Bullabulling Gold project, (previously a 50:50 joint venture), under a single corporate entity to be named Bullabulling Gold.

The new entity will be Australian domiciled and listed on the ASX and AIM markets.