Brief: Australia's ASIC Further Contends Bell's A$5 Billion Valuation Did Not Comply With Australasian Code For Reporting Of Exploration Results

Australian Mines

10/05/2022 06:43

May 10 (Reuters) - Australian Mines:
    * FURTHER CONTENDS BELL'S A$5 BILLION VALUATION DID NOT
COMPLY
WITH AUSTRALASIAN CODE FOR REPORTING OF EXPLORATION RESULTS 
    * COMMENCES PROCEEDINGS AGAINST AUSTRALIAN MINES AND ITS
MANAGING
DIRECTOR
    * COMMENCED CIVIL PENALTY PROCEEDINGS AGAINST AUSTRALIAN
MINES FOR
ALLEGEDLY BREACHING ITS CONTINUOUS DISCLOSURE OBLIGATIONS
    * ASIC CONTENDS THAT AUSTRALIAN MINES FAILED IN ITS
OBLIGATION TO
DISCLOSE MATERIAL INFORMATION TO MARKET
    * ALLEGES MD FALSELY CLAIMED AUSTRALIAN MINES SECURED
FUNDING FOR
CONSTRUCTION OF PLANT FOR SCONI PROJECT EXPECTED TO COST A$500
MILLION/MORE
    * ALLEGES MD MISLEADINGLY STATED THAT VALUE OF OFFTAKE
AGREEMENT
WAS A$5 BILLION WHEN TERMS OF AGREEMENT INCLUDED POTENTIAL
BUYER’S DISCOUNT OF 15%

Further company coverage:  AUZ.AX 

 ((Reuters.Briefs@thomsonreuters.com;))