Listed mineral exploration company, Sub-Sahara Resources NL, has paid a $33,000 fine following an Australian Securities and Investments Commission investigation.
ASIC has fined Perth-based junior exploration company Sub-Sahara Resources NL $33,000 and issued the company an infringement notice for an alleged breach of the Corporations Act.
Perth-based gold explorer Sub-Sahara Resources NL has increased its stake in the Zara joint venture project, a gold licence in northern Eritrea, to 69 per cent after spending around $4.1 million on exploration.
SUB-SAHARA Resources has agreed to place up to eight million shares at six cents a share to clients of Patersons Securities Limtied to raise $480,000 before costs.
