Paul D'Sylva

Nedlands-based pharmaceutical group PharmAust Ltd has signed an agreement with US-based Commonwealth Biotechnologies Inc to co-market their products - giving both companies an entry into the other's markets.

Nedlands-based pharmaceutical company PharmAust Ltd will take a 39.5 per cent stake in NASDAQ-listed US-based Commonwealth Biotechnologies Inc in exchange for its its discovery chemistry subsidiary Mimotopes Pty Ltd.

Silver producer Alcyone Resources' shares have tanked after it announced a management shake-up following the resignation of the company’s managing director Andrew King and two other board members.

Alcyone Resources has secured $7.4 million through a recent entitlements offer and shortfall placement, just scraping over the capital raising’s minimum subscription level of $6 million.

South Perth-based Alcyone Resources has raised a further $4.9 million through a shortfall placement, bringing it closer to its $16 million target.

South Perth-based Alcyone Resources is on the hunt for new investment opportunities after securing a $25 million credit facility with New York investment management firm Platinum Partners.

Continental Coal has secured a short-term funding deal which will allow it to continue trading but at the expense of its chief executive and several other directors.

Pluton Resources has appointed Empire Equity founding director Paul D’Sylva as a director and interim chairman, following the resignations of chairman Richard Mehan and non-executive directors Tony Schoer and Russell Williams.Michael Wyer has joined as interim chief financial officer.

Struggling Perth-based mineral explorer Pluton Resources has announced it intends to raise about $80 million through the issue of about 8 billion shares.

Pluton Resources is in the midst of a battle between creditors, with major shareholder General Nice Resources and secured creditor Rizhao Port Group Logistics fighting over who gets to appoint receivers to the iron ore miner.

Troubled iron ore miner Pluton Resources has been restricted from issuing a reduced content prospectus until next year because it failed to comply with reporting and disclosure obligations, the Australian Securities and Investments Commission says.

The board of iron ore miner Pluton Resources has regained control of the company after its major shareholder, General Nice Resources, retired KordaMentha as receivers yesterday.

Junior manganese miner Kaboko Mining has been placed into receivership, nine months after a falling out with its major funding partner, Noble Resources.

The corporate watchdog has moved to have McGrathNicol appointed as liquidator to Peter Landau’s troubled listed coal mining company Continental Coal.