Alliance Mineral Assets flags issue with placement to Burwill Commodity; will finalise CFO appointment by Nov 22

IN an update on its placement with Hong Kong-listed Burwill Commodity, Australian miner Alliance Mineral Assets said that the company did not receive the A$5 million (S$5.1 million) owed for the fourth tranche of subscription shares on Nov 7 as agreed upon.

However, some 17.91 million shares, representing the fourth tranche of the placement, were allotted and issued to Burwill on that day. The A$5 million was instead received by the company on Nov 16.

"The board will appoint an independent professional firm to review the aforesaid matter, and to provide the board with its findings and recommendations, if any, to improve the group's corporate governance and internal controls," it said. In the meanwhile, any cash disbursement from the company above A$1 million and any material contract or agreement above A$1 million are subject to the approval of the entire board.

"The board has identified, and is in the midst of finalising the appointment of chief financial officer for the company." The appointment is expected to take place by Nov 22.