BD1 - BARD1 Life Sciences - Aussie Stock Forums

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  1. #1

    Post BD1 - BARD1 Life Sciences

    Hi guys;

    An update on a intrguing gold little shell company that might have something on the cards in the near future.

    Euro Gold:

    319,679,494 shares @ 2.1c = market cap $6.7m.

    Top 10 shareholders hold 51% inc:
    1. Oxus (Malta) 14%
    2. Peter Gunzberg (Chairman) 9%; and
    3. Alpha Minerals 6%.

    Cash per last app 5B $2.4m.

    Dual listing ASX and AIM.

    The story so far....
    Seems Euro Gold recently sold its only asset, the Saulyak Gold Project in Ukraine, for $2m with a further option to receive $3m if a 'significant regulatory milestone' is met.

    Interestingly Euro Gold had tried to sell the project previously to its top shareholder, Oxus (UK listed gold producer and explorer) for 9.16m pounds, but Oxus pulled out of the deal at the last minute claiming that Euro Gold has misled them about Saulyak having a 500k ounce reserve. Euro Gold is currently suing Oxus about this matter.


    1. Per their latest set of accounts, Euro Gold is now an investing company. The investment they are looking for is in the natural resource sector, has an 'attractive entry price', will have likely capital market support and will be a single 'significant' project. So given their last project was a gold mine in the Ukraine, I am guessing a gold project in Europe.
    2. The current Euro Gold Directors are a stock brocker, an investment banker and a gold miner. The Chairman is of particular interest - Peter Gunzberg. He is currently on the Board of 4 ASX listed entities including Fleetwood Corporation and Strike Oil. He also owns 9% of the company so it is fair to say he is committed to the cause. They also boast Neil McLachlan, an Investment Banker with ties to the UK. Lastly the third director bought up some shares in September 07.
    3. Euro Gold is cashed up - $2m - with potentially another $3m to come. It needs a home as Euro has no projects at the moment....so I reckon this should be sooner rather than later.

    At the moment, this is a shell with money for a project. At a mkt cap of $6.7m less cash ($2m plus $3m option), this has a current enteprise value of $2.7m. The directors are experienced and have said to the market they will use their cash to fund a single project in the 'natural resource sector'. I am betting it is gold and in Europe. This company is also currently listed on both AIM and the ASX and is run by a stock broker and an investment banker so they should be able to find projects and raise capital.

    Having said it has potential, it also has a quagmire of risks -
    1. it is suing its top shareholder. If the shareholder dumps the shares (43m odd), watch out share price.
    2. it has failed in its last project - Saulyak Gold Project in the Ukraine.
    3. It has nothing at the moment. It needs to source a project first and it might be a month, 6 months or 3 years before it does so.
    4. The $3m is only payable upon the attainment of an 'key regulatory milestone'. I would guess that would be the mining licence.

    So an intriguing little gold shell with a couple of connected directors at a time when gold is hot. Wonder what project they will serve up to ASX/AIM? I'll be keeping an eye on it.

    Last edited by Bushman; 3rd-December-2007 at 09:21 PM. Reason: Sense

  2. #2
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: EUG - Eurogold

    As at today’s date Eurogold has a share portfolio valued at $15 million and cash reserves of $834,590.

    During the previous quarter Eurogold committed to a funding facility of $10,000,000 with its major shareholder, the Allied Group of Hong Kong and $1,000,000 was drawn-down from the facility in March. No funds were drawn-down during the current quarter.

    Taking into account the debt to the Allied Group, the Company has a current NAV of $0.17 per share.

    The Company has retained its interest of 24.45% of the issued shares in Dragon Mining.

    The Company continues to examine various investment opportunities in resource projects with a particular interest in the gold mining sector but for various reasons the acquisition of projects reviewed to date have not proceeded.

    It is not the intention of the Board that the primary business of Eurogold will be that of a passive portfolio investor.

    Current SP 8.8c
    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  3. #3

    Default Re: BD1 - BARD1 Life Sciences

    On June 14th, 2016, Eurogold Limited (EUR) changed its name and ASX code to BARD1 Life Sciences Limited (BD1).

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