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Ownership

  • The Welcome Again Mine, Great Eastern Gold's nearest-to-production resource is located on ML10125.

  • Success Gold Pty Ltd is the owner of ML10125 along with ML10124 (Great Eastern Mine) and EPM27498 (Gold Head) (see Resource Public Authority Reports).

  • According to the ASIC registry, Great Eastern Gold Limited owns 100% of Success Gold Pty Ltd (see ASIC registry).

Changes to ownership of Success Gold Pty Ltd:

  • Kingsley Allen was previously a 50% shareholder in Success Gold Pty Ltd.

  • On 20 July 2021, Kingsley Allen's shareholding increased from 50% to 60% (see ASIC document 7EBJ63325, lodged and signed by Kingsley Allen as director).

  • On 20 December 2021, Kingsley Allen's shareholding increased from 60% to 100% (see ASIC document 7EBO40917, lodged and signed by Kingsley Allen as director).

  • On 26 April 2022, 100% of shares were allocated to Great Eastern Gold Limited (see ASIC document 7ECD26927 lodged and signed by Kingsley Allen as director).

Given the circumstantial nature of the transfer of shares, transfer of title of Mermaid Waters property, and lodgement of mortgages on the resources (see Registered Mortgage), an investor's due diligence may include validating the legitimacy of the transfer of ownership of Success Gold Pty Ltd. Documents sought may include:

  • Bill of sale, signed by both parties

  • Assignment of shares, signed by both parties 

  • Settlement documents, signed by both parties

  • Evidence of consideration, showing how the seller was paid by the buyer

  • Confirmation from the seller, given the ease of contact via platforms such as LinkedIn.

Concerns regarding the legitimate ownership of Success Gold Pty Ltd or any ownership dispute may impact or be currently impacting upon:

  • The renewal of ML10125 (the Welcome Again Mine) (see Resource Expiry).

  • The ability of Great Eastern Gold Limited to raise funds for production.

  • The value of Great Eastern Gold Limited (see Company Value).

Documents

 

Resource Authority Public Report for ML10125

obtained via https://www.business.qld.gov.au/industries/mining-energy-water/resources/minerals-coal/online-services/searches

ASIC document 7EBJ63325

obtained via https://connectonline.asic.gov.au/RegistrySearch

ASIC document 7EBO40917

obtained via https://connectonline.asic.gov.au/RegistrySearch

ASIC document 7ECD26927

obtained via https://connectonline.asic.gov.au/RegistrySearch

Great Eastern Gold Public Notice

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