Auzex Resources (ASX: AZX) has been granted a suspension from trading by the ASX.
This follows the lodgement of the Court order with ASIC for the company's scheme of arrangement whereby all the company's fully paid ordinary shares will be acquired by Bullabulling Gold (ASX: BAB).
Bullabulling Gold was formed as part of a merger between joint venture partners Auzex and GGG Resources, to manage the development of the Bullabulling gold project.
The project, located 70 kilometres from Kalgoorlie in the Eastern Goldfields, hosts a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone.
A JORC Resource upgrade in February left Bullabulling with 102.8 million tonnes at 0.96 grams per tonne (g/t) for 3.2 million ounces of gold.
Bullabulling is targeting an initial Reserve in excess of 1 million ounces of gold, with the aim to commence production in 2015.