HERITAGE GOLD NZ LIMITED 2000-04-28 ASX-SIGNAL-G
HOMEX - Melbourne
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QUARTERLY REPORT TO 31 MARCH 2000
1. Cobalt Project (Australia)
The final report on initial testing of ore samples from the
Thackeringa Cobalt Project was received from BacTech Australia
Limited.
A composite sample from previous drilling programmes was prepared and
ground to specifications for testing in Canada by microwave
technology.
Processing alternatives for the cobalt resource are being reviewed
and further test work is planned.
The annual budget / program for the Cobalt Project was approved by
the equity partner, Broken Hill Cobalt Limited.
2. Gold Projects (New Zealand)
Routine tenement maintenance and resource consent work were carried
out on the Company's key projects during the period.
At Talisman underground sampling work is being planned following
current improvements in access to the mine workings.
On other projects reviews of previous exploration work and
incorporation of additional mine and exploration data have been
completed.
3. Compensation
The company has provided to the Crown further particulars on the
Company's statement of claim.
4. Funding
The Company placed 5 million shares at NZ10c each with clients of
CIBC World Markets Australia Limited and Forsyth Barr Limited. The
placement raised $500,000 less 5% commission.
A total of 186,400 options were exercised yielding $46,600 and the
Company allotted 186,400 new ordinary shares. The remaining
24,563,600 options expired on 1 March 2000.
Following the end of the quarter the company received a fee from
E-cademy Holdings Limited of $450,000 (including GST).
5. Acquisition
During the period Heritage entered into a memorandum of understanding
(MOU) with E-cademy Pty Limited to acquire all the shares in that
company. E-cademy holds all the intellectual property rights relating
to an on-line interactive learning platform developed for the
internet.
Following due diligence and a formal valuation, E-cademy Holdings Ltd
(a subsidiary of Heritage) entered into a share purchase agreement
with E-cademy Pty Limited and a share placement agreement with Barton
Capital Corporate Pty Ltd, stockbrokers of Sydney, Australia.
Shareholders of E-cademy Holdings Ltd approved the acquisition of
shares in E-cademy Pty Limited, payment of a fee to Heritage for
arranging listing of E-cademy Holdings Ltd, and the placement of 40
million shares in E-cademy Holdings Ltd at NZ9c each to raise
$3,600,000 less 7% commission.
After the end of the period the New Zealand Stock Exchange (NZSE)
approved the listing profile prepared by E-cademy Holdings Ltd and
the company was listed on the NZSE on Tuesday 18 April 2000.
Heritage retains a 20.5% cornerstone shareholding in E-cademy
Holdings Ltd.
6. New Business Proposals
Heritage continues to review opportunities in high tech
communications and minerals related businesses.
After the end of the quarter Heritage entered into a MOU with the
Insight Data group of companies to acquire, directly or indirectly,
all their shares and intellectual property. The Insight Data group
provide business to business e-commerce solutions to the New Zealand
market.
The MOU is subject to a number of conditions and Heritage is
commencing due diligence and a valuation of the Insight Data group.
Subject to a satisfactory outcome and the various conditions being
met Heritage plans to prepare the Insight Data group for stock
exchange listing.
7. Disclosure
The above statement is based on information complied by a corporate
member of the Australasian Institute Mining and Metallurgy with over
5 years relevant experience.
A Griffiths
COMPANY SECRETARY
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