The microcap mining aspirant that claimed to have secured US$6.4 billion ($6.9 billion) in funding earlier this year has been hit with tough new conditions on any future fundraising, after the market watchdog found it had breached disclosure rules.
In a statement published after 5pm on Friday, the Australian Securities and Investments Commission said Padbury Mining would not be able to rely on rules that simplify the raising of money until May 2015.
In effect, the extra conditions would force Padbury to provide an extensive prospectus - similar to the type published when a company first floats on the ASX - if it were to try and raise money during the next nine months.
Padbury caught ASIC's eye in April when it told the ASX it had secured US$6.4 billion in funding from a mystery backer, who it declined to name.
RE : RULES RAISING CAPITAL - IS IT SOMETHING ELSE ?
