These explorers are getting thrown out of the stockmarket
Mining & Resources
Time’s up for several ASX explorers who have been booted out of the bourse today.
The ASX today delisted former gold minnow Mandalong Resources (ASX:MDD) because of “ongoing breaches by MDD of its periodic reporting obligations under Chapter 4 of the Listing Rules.
“In ASX’s opinion, MDD no longer has a level of operations, and MDD’s financial condition is no longer adequate, to warrant its continued listing, resulting in a breach of listing rule 12.1 and 12.2,” the bourse said.
Madalong has been searching for a new project for some years.
The stockmarket cited “ongoing failure of MDD to spend its funds or carry out activities in line with the disclosure in its Prospectus”.
Sydney-based Mandalong had a market cap of just $650,000 at a share price of 1.6c and around 40.6 million quoted shares on issue.
The company has no projects. It raised $110,000 via a placement in April that it said would be used for administration and running expenses, to cover ASX listing fees and to help in the search for a business.
Mandalong has been contacted for comment.
Iron ore explorer Australasian Resources (ASX:ARH) has also failed to meet the ASX’s requirementsto re-list on the bourse.
The Perth-based company told investors late Thursday it would be delisted on Tuesday, October 2.
Australasian Resources, which counts Australian businessman and politician Clive Palmer as its major shareholder, is conducting a review of its major asset — the Balmoral South project in Western Australia’s Pilbara.
Mr Palmer’s nephew, Clive Mensink was a director of Australasian Resources, according to the company’s 2017 annual report.
Mr Mensink, however, is believed to have been overseas since 2016. He failed to comply with orders requiring him to attend court for questioning by the liquidator over the collapse of Queensland Nickel, resulting in warrants being issued for his arrest in 2017, but the authorities have not been able to locate him.
Depending on the outcome of the review, Australasian Resources’ plan is to re-capitalise and apply for a new listing down the track.
Stockhead is seeking comment.
Another iron ore minnow, Haranga Resources (ASX:HAR), is still suspended from the ASX while it tries to negotiate the terms of an acquisition.
The company went into a trading halt in January and was expecting to announce the acquisition in early February.
Nearly nine months later and Haranga has requested a further suspension until at least November 30.
“The company confirms that it has not yet agreed terms for an acquisition and accordingly, is not in a position for its securities to be reinstated to trading,” Haranga told investors this morning.
Last year Haranga struck a deal to acquire the Mt Windarra nickel and cobalt project in Western Australia after it sold its main undertaking — the Selenge iron ore project in Mongolia.
However, its major shareholder did not back the deal and voted against it at a general meeting in January.