Zedex Minerals Limited (ASX:ZDX) Quarterly Activities Report For June 2009
Auckland, July 31, 2009 AEST (ABN Newswire) - At 30 June 2009 Zedex Minerals Limited (ASX:ZDX) operations remained scaled back pending the outcome of negotiations with several parties regarding future funding. The Company plans to finalise these negotiations during the September 2009 quarter.
In the June 2009 quarter the Company extended its existing loan agreement with Hamilton Gulf Limited to provide short term funding for working capital purposes.
In May 2009 the company sold 3,783,784 Olympus Pacific Minerals Inc Shares at US$0.185 per share for a total of USD$700,000 in proceeds. The Company has applied the proceeds to retire debt and meet ongoing working capital needs.
In June 2009 4,250,000 unlisted incentive options expired without being exercised. The options had an exercise price of A$0.25.
Olympus Investment
In the June 2009 quarter the Company issued 310,000 ordinary shares in exchange for 155,000 ordinary shares in Olympus Pacific minerals Inc, an arrangement made under agreements entered into in mid 2008.
As at 30 June 2009, Zedex holds 65,546,043 shares in Olympus Pacific Minerals Inc ("Olympus"), representing a 28.20% interest on an undiluted basis. Olympus shares are currently trading at approximately CAD$0.295 on the Toronto Stock Exchange, and Olympus' market capitalization on an undiluted basis is approximately A$82.6 million. During the June 2009 quarter Olympus announced the following news:
- Completion of plant modifications enabling improved production output.
- Increased production output of 2,550 ounces of gold per month.
- The private placement of shares which brought US$3 million into the cash funds of the company.
For the complete Zedex Minerals Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61157-ASX-ZDX-454894.pdf
Contact
John Seton
Chairman
Tel: +64-9-379-8787
Email: John.Seton@zedex.com.au
Paul Seton
Managing Director
Tel: +64-9-379-8787
Email: Paul.Seton@zedex.com.au
Rod Murfitt
Chief Geologist
Tel: +64-9-379-8787
Email: Rod@zedex.co.nz
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