TERREX RESOURCES LIMITED (TXR)
Fourth Quarter Activities & Cashflow Report
Announced on 2000/02/02 16:10:17.
Part:B 1075 words
Status: Market sensitive (Y)
Industry Sub Group: Gold Explorer (12)
TERREX RESOURCES LIMITED 2000-01-31 ASX-SIGNAL-G
HOMEX - Perth
ACQUISITION OF INTEREST IN GLOBAL DOCTOR LTD
In August 1999 the company announced the acquisition of a 60%
interest in the capital of Global Doctor Limited ("GDL"), a company
which intends to participate in the medical industry through the
provision of internet communication services to link medical services
users with providers. The principal terms of the acquisition require
the company to issue 26.25 million fully paid ordinary shares
("Vendor Shares") and to fund the first $450,000 of expenditure to
develop the business.
Additional terms include:-
(i) A two year option to acquire an additional 20% of the issued
capital of GDL. The consideration for this additional interest shall
be based on an independent valuation of GDL at the time the option is
(ii) A first right of refusal over the remaining 20% of GDL shares.
(iii) The Vendor Shares will be subject to a voluntary
escrow period of 12 months.
(iv) If the software acquired by the Company pursuant to the
agreement is not operating satisfactorily within 6 months, then one
third of the Vendor Shares will be cancelled. In addition, if trials
at two overseas sites are not satisfactorily completed within 12
months, then one third of the Vendor Shares will be cancelled (a
total of two thirds of the Vendor Shares therefore being
During the quarter senior executives of the Global Doctor team have
visited a number of Asian capital cities and tourist destinations to
assess the market potential for the Global Doctor medical service. In
addition, licences have been negotiated and the clinic fitout
completed for the company`s Chengdu clinic. This was followed by
successful technical trials of its video conferencing and
telemedicine equipment from its first clinic in Chengdu, the capital
of Sichuan, China. GDL has recently appointed Dr Mike Galvin as a
director of the company who has been appointed Chief Medical Officer
of GDL. Senior medical staff have been engaged for its Perth base
which will enable delivery of a western general practice service with
Australian based doctors. GDL has made progress in seeking the
necessary approvals from the Chinese government for the Chengdu
clinic. GDL proposes to set up further clinics in Asia and GDL is in
the process of seeking the necessary government approvals, staff and
TERREX PROJECTS - ASIA
Putao, Kawttabun and Mt Loimye Prospecting Licences, Myanmar
(Terrex Resources Limited 51%)
Fieldwork recommenced late in the quarter following the end of the
heavy rains which affects all of the licence areas. Limited further
stream sediment sampling will be undertaken in areas showing
Samples from the last field season are in Yangon awaiting dispatch to
Perth. An application for an export permit has been applied for.
Compilation of all field data and mapping has been completed and once
assay results are available an appropriate detailed follow up
programme will be developed.
One granted SPL and three SPL applications in Central Thailand.
Terrex his a carried 5 - 10% indirect interest
No Fieldwork was undertaken during the current quarter pending the
end of the wet season. An agreement was reached on 31 December 1999
with a Thai company to farm-out the company`s mineral interests in
Thailand. In exchange, the Thai company will continue to carry on
active exploration work on the tenements at no cost to Terrex and,
should such exploration work locate a mineral resource, the Company
may elect to participate in the development of the resource with a
contributing interest of between 5% and 10%.
Your Directors consider this agreement will give the company
excellent exposure to extensions to the Chatree deposit which is
contiguous to some of Terrex`s SPL applications. Kingsgate has
recently published a final, very positive, feasibility study on the
Chatree gold deposit and has secured development finance for
construction of the mine.
TERREX PROJECTS - AUSTRALIA
SOUTHDOWN MAGNETITE - WA M70/718, M70/719, M70/433, R70/21
(Terrex Resources Limited 100%)
Discussions are well advanced to exchange the Company`s 100% interest
in the Southdown magnetite deposit for a royalty interest.
KAISER PROJECT - N.S.W.
Terrex has transferred its registered interest in two PL`s in this
project to its operating joint venture partners Ajax and Compass.
Terrex holds no direct interest in the two PL`s, and continues to
retain its entitlement to a $100,000 payment in the event of future
INVESTMENTS - OMAX RESOURCES LTD, listed in Vancouver
Terrex owns 2.5 million Omax shares comprising 13.1% of the capital,
with a present market value of approximately $360,000.
Omax is presently drilling several hydrocarbon wells at projects
located in Ontario and Southern Alberta, Canada. Omax has between 10%
and 100% interest in the projects. Several gas and condensate
discoveries have been made and recent gas flows, following fracturing
and completion work, have been encouraging. Testing is continuing and
additional wells are planned under the current programs. Omax
presently has approximately C$2 million working capital and no debt.
Changes to Board of Directors
On 5 October 1999 the Company announced the appointment of Mr Klaus
Eckhof to the Board. Mr Eckhof replaced Mr David Benham who retired
from the Company`s Board of Directors.
In December 1999 the company granted 200,089,786 options pursuant to
an underwritten pro-rata non renounceable rights issue. The options,
which were issued at a price of half a cent each, may be exercised at
any time on or before 31 December 2002 by payment of 20 cents each.
The issue raised $950,449 which will be used to assist with
development of the Company`s medical communications business and
existing mineral properties and for working capital. The issue was
underwritten for a fee comprising $5,000 in cash and the issue of 10
The company issued 26.25 million ordinary fully paid shares to the
vendor of Global Doctor Limited pursuant to the terms of the share
purchase agreement under which the company acquired its 60% interest.
1.5 million ordinary fully paid shares were issued to the vendors of
the company`s interest in the Myanmar mineral properties. These
shares were issued pursuant to the terms of the Heads of Agreement
dated 27th October 1998 following completion of certain conditions
Change of Company Status
During the quarter the Company changed its status from a "no
liability" company to a "company limited by shares" and is now known
by its new name of Terrex Resources Limited.
ASX Code: TXR
SEATS Abbreviation: TERREX RES
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