2009 Annual Report
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2009AnnualReport (3.2 MB)The Directors of Aurox Resources Limited are pleased to present the Company’s Annual Report for the 2009
financial year.
The challenges created by the Global Financial Crisis (“GFC”) during the past 12 months have required actions by
the Company to ensure corporate longevity whilst continuing the development of our key asset, the Balla Balla
Titanomagnetite project. In this regard we have made substantial progress in reducing both corporate debt and overall
expenditure while adding significant value to the Balla Balla project through the implementation of a multi-product / single
deposit production and growth strategy.
At the start of the year Aurox had a debt of $47.8 million arising from the issue of 50.3 million $0.95 convertible notes
in 2007. In early April 2009 the Company offered noteholders a cash payment of $0.25 per Note in return for early
conversion to a fully paid Aurox share. At the end of the offer period 84% of noteholders had accepted the early conversion
offer with a resulting reduction in future debt and interest payments of $44.4 million for a cash payment of $10.56 million.
This outstanding result greatly improved the company’s investment profile and position to fund the Balla Balla project.