News and Announcements
Breach of Section 707(3)
- Published November 02, 2012 2:39AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
The Company advises that the cleansing notice issued on 19 September 2012, relating to the issue of 76,880,000 shares at 2.00 cents on 19 September 2012 (“Shares”) did not exempt the Company from it’s obligation to make disclosure pursuant to s707 (3) of the Corporations Act 2001. The reason this cleansing notice was ineffective was because the Company had been suspended from trading for more than a total of five (5) days during the previous twelve (12) month period.
The Company has placed the Shares issued as a result of the Placement under escrow and is currently communicating with the respective shareholders. The Company will lodge a short form prospectus with ASIC in relation the placement. A copy of the short form prospectus is also attached with this letter.
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