Ann: Waiver from Listing Rule 14.7 , page-6

It's all good !

The West Australian, 13/06/2012

Atlantic executive chairman Michael Minosora is expected to take up a $10 million share placement within days after the vanadium miner was granted an end-of-week waiver by the Australian Securities Exchange.

Under listing rules, Mr Minosora should have taken up the placement within one month of Atlantic shareholders approving the investment. The approval came on April 27 but Mr Minosora is yet to come up with the $10 million.

Following an approach by Atlantic, ASX granted the waiver "on the condition that the shares are issued no later than" Friday, Atlantic told investors in a statement to the ASX.

There has been market speculation that Mr Minosora was struggling to pay for the proposed placement because of the collapse in Atlantic's share price.

Atlantic shares were trading at 89¢ before the company announced a $41.7 million capital raising, including a $10 million placement priced at 88¢ a share to Mr Minosora, in March. The shares have fallen sharply ever since because of investor concern about the viability of its Windimurra vanadium mine and broader market jitters.
Atlantic shares were worth 65¢ when shareholders approved the capital raising in late April. The shares closed at 43¢ last night.