10.11.3The issue with the capital raising is that it meets the...

10.11.3

The issue with the capital raising is that it meets the conditions that require a shareholder vote on the initial placement component.
This is the same strategy applied before in the last capital raising.
It is an exponential growth of AU Minings voting capacity, which is more important than any capital growth.

It is so obvious yet we have not been asked to vote upon it, and it was swept in without notice.

And in any case, even if the board believes it is not at risk of breaching 10.11.3, both the board and ASX have the option of engaging 10.11.5 in teh listing rules which permits for them to use discretion to call a vote in instances where it is not clear cut.

The asx guidance notes specifically state that 10.11.3 is teh ornsetone rule of the ASX to ensure that smaller shareholders are not put at a disadvantage of large shareholders who may seek to bulldoze their way into positions of advantage in a clandestine way,

Every time Au Mining gets a unforeseen placement prior to a rights issue, it exponentially increases their grip as they are then entitled to rights issues shares to the value of the shares issued in the palacement, onto of he holding they already have. This increases voting power.

They are already holding at around 33% of the company capital. After say 4 such placement and capital raising's over a 2 or 3 year period, this makes a significant impact as it will equate to (for example, certainly saying accurate to the decimal) to around a 12% further increase in their position as a holder of the shares in MRC, until the point arrives that there is no real possibility of anyone else having any control....but low enough that its under the compulsory take over limits.

Given the undefined relationship with Tormin Mining which is headed by Gina Edwards certainly going to always vote with AU mining, well, it is pretty much a clandestine move which 10.11.3 is supposed to protect against.
Although by next year when BVI makes its company register public, we will be able to see the exact owners, trustees, shareholders and agreements within Tomring Mining Ltd.
And My guess is that the final AU Mining plan needs to be completed before then.
So there will be a buy out at sub 10 cents in my opinion and we are not able to do a thing about it unless the issues of 10.11.3 is clarified formally by the company by way of an independent legal review.

Interestingly Edwards AU Mining had. previous project called Moose River Resources....another MRC...maybe he just likes the acronym?


If MRC is only able to raise money this way, which clearly disadvantages the position of shareholders, especially those who may not be in a position to participate, then that is an acknowledgment that the company is not viewed positively in the general financial market place.