fledgling soon to take wing, page-32

re: flagging world bank financing Was looking at GIP, since looks interesting, but came across this. Anyone have any comments on what happened back then? Is this why they ended up listing on AIM since it was easier to raise money?

Quoting
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02/48 ASIC acts on Gippsland Limited prospectus
Thursday 14 February 2002
Gippsland Limited has today lodged a supplementary prospectus after the Australian Securities and Investments Commission (ASIC) raised concerns regarding inadequate disclosure in their prospectus lodged on 7 February 2002.

The prospectus seeks to raise up to $1,200,000, with no minimum subscription amount and no underwriter. The issuer is a listed mineral exploration company with interests in Egypt.

ASIC was concerned that the purpose for the issue of the original prospectus was unclear, and did not provide a breakdown on the use of funds to be expended on a bankable feasibility study, working capital, and the administration of Gippsland Limited.

Under the Corporations Act 2001 and the terms of the supplementary prospectus, investors who have previously submitted an application form are entitled to withdraw their application and be repaid any application monies.

'ASIC has been paying particular attention to fundraising documents that either do not have a minimum subscription amount, and fail to adequately disclose how the funds raised will be used and applied to the company's expenditure requirements', said Richard Cockburn, ASIC's Director of Corporate Finance.

The supplementary prospectus, which satisfies ASIC's concerns, prevents the need for the issue of an interim stop order, and allows the company to offer, issue, sell or transfer securities."