Merlin Diamonds, page-83

This is an exert from TND (Top End Minerals Limited) announcement daeted 14/7/17. The company is now trading as Myanmar Metals Limited (ASX: MYL). The transaction look familiar to that undertaken between AXIS and MED.

Cash Position
At the time that the new directors were appointed to the Company, the balance of all funds in TND’s bank accounts amounted to $17,955.
Previously TND had raised a total of $2.7 million before costs, in November 2016. Of this, the Company – under the control of the former Board – had either expended or advanced to Axis Consulting Pty Limited (see below) a total of $2.683 million up to 19 June 2017.
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As at 30 June 2016, the Company – under the control of the former Board – had advanced a total of $3.875 million to Axis Consultants Pty Limited. Recovery of the amount advanced had been fully provided for in the Company’s accounts as at 30 June 2016, by way of an impairment provision. Therefore, as at 30 June 2016, there existed significant doubt as to the recoverability of the Axis advance. The Axis advance is not secured.
Notwithstanding the provisions made for non-recovery of the Axis advance, TND – under the control of the former Board – continued to advance funds to Axis in FY2017. By 19 June 2017, the Company had advanced Axis a total of $5.089 million. Recovery of this entire Axis advance had been fully provided for as at 19 June 2017.
TND is not aware of any shareholder approval having been obtained for the Axis advance. The new Board is of the view that TND funds totalling $5.089 million have been advanced to a proprietary company controlled by a former director of TND, on an unsecured basis without shareholder approval or commercial purpose.
The new Board has contacted Axis to request immediate repayment of all amounts owing. To date, no repayment has been received.
The new Board intends to pursue all legal avenues to secure repayment as soon as possible.