ADX Energy Limited (ASX:ADX) Completes Gold And Base Metal Asset Spin Off
Perth, Jan 28, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (PINK:ADXRF) is pleased to announce that ASX Limited (ASX:ASX) ("ASX") has advised that Riedel Resources Limited (ASX:RIE) ("Company") was admitted to the Official List of ASX on Thursday 27 January 2011. Official Quotation of the Company's securities will commence at 1:00pm AEDT (10:00am WST) on Monday 31 January 2011.
The Company has been allocated the ASX code of "RIE".
This IPO enabled ADX to complete its planned transformation into a focused energy company whilst having ensured that its highly prospective gold and base metal assets have the appropriate management and funding to achieve their full potential. ADX retains 42.94% of the Company.
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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