Padbury Mining has again attracted regulatory attention, with the company acknowledging it should have notified the ASX when it negotiated potential capital raisings worth $106 million with a Hong Kong-based investor last year.
Padbury Mining directors Gary Stokes and Terry Quinn have each been fined $25,000 and banned from being company directors for three years after the Federal Court found their announcement of a $6 billion funding deal for the Oakajee port and rail project was misleading and deceptive.
Padbury Mining and two of its directors have entered into a settlement agreement with the corporate watchdog over misleading statements made last year, but they could still face penalties in the Federal Court later this week.
The corporate watchdog has begun civil penalty proceedings against Padbury Mining and two of its directors over statements made last year claiming the company had lined up $6 billion in equity to fund construction of a port and rail network at Oakajee north of Geraldton.
The depressed iron ore price is prompting “gun shy” Padbury Mining to increase its tenement asset base, snapping up a hematite and magnetite deposit owned by Radar Iron.
Shares in junior explorer Padbury Mining have plunged as the company resumed trade and revealed details of its short-lived $US6.47 billion ($6.89 billion) equity funding deal to construct a port and rail network at Oakajee.
Less than three weeks after announcing it had secured $US6.47 billion ($6.89 billion) in equity funding to construct a port and rail network at Oakajee, junior explorer Padbury Mining says the deal is now dead.
Hours after announcing it had secured $US6.47 billion ($6.89 billion) in equity funding to construct a long-heralded port and rail network at Oakajee, junior explorer Padbury Mining has put its shares in a second trading halt in anticipation of revealing the identity of the investors.
