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An announcement from Manhattan Corporation ( (AU:MHC) ) is now available.
Manhattan Gold Corporation has disclosed an inadvertent breach of ASX Listing Rule 10.11 after three adult sons of its non-executive chairman were mistakenly allocated 283,333 shares in the first tranche of a recent A$3 million placement. The company emphasised that the small, related-party allocation did not affect other subscriptions, the placement outcome, or other shareholders’ interests.
In consultation with the ASX, Manhattan will sell the affected shares on market to unrelated investors, with any profit to be donated to a charity selected by the company. The board has apologised for the oversight and has begun reviewing and strengthening internal processes, policies, and controls to prevent future non-compliance in related-party share issues.
More about Manhattan Corporation
Manhattan Gold Corporation Ltd is an early-stage gold and polymetallic exploration company listed on the ASX and focused on projects in tier-one jurisdictions. Its key assets include the Hook Lake project in Nunavut, Canada, within the Rankin-Ennadai greenstone belt, and the Tibooburra project in New South Wales, Australia, where it pursues responsible exploration in partnership with Inuit and First Nations communities.
Average Trading Volume: 1,376,221
Technical Sentiment Signal: Sell
Current Market Cap: A$14.5M
Find detailed analytics on MHC stock on TipRanks’ Stock Analysis page.