it is not stupidity but rather two separate issues that have to be dealt with and timings have unfortunately landed them both at once. The drilling results must be released under the continuous disclosure requirements even though they are not trading at present, especially because they are material to NME. The cleansing notice suspension could be resolved in a short or longer period depending upon the view of the supreme court as to the trading following the raise and the view on a fully informed market after the placement stock was issued. This may result in no action apart from the cleansing prospectus being issued or greater ramifications including fines if warranted. Having seen this happen with other companies im of the opinion that given there has not been a material change in shareprice since the issue therefore no holders have been unduly disadvantaged by the event the court will not impose severe penalties. As to the suspension period it could be two days or two months, all depends on the court.
MCT Price at posting:
2.3¢ Sentiment: Buy Disclosure: Not Held
