Promoter shares are the shares that were received for nothing or a nominal price pre-listing, pre-seed even.
The Chinese investor is proposing two Australian Directors to run it.
This was a play around old workings where certainly there is more gold but essentially these things are still exploration plays dressed up as non-JORCable mining plays [JORC doesn't accommodate narrow vein very well anyhow] and never a dead cert.
Ann: EGM and Supreme Court Proceedings , page-14
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