funny how Pursell wrote:
" It is intended that these funds will be used to provide on-going funding for the Company’s important projects, possible legal costs associated with the letter of demand from China Railway Resources and to provide working capital."
He must have forgotten to add: "company funds will also be used to buy votes from mates of mine so that I can keep my cushy job" :-)
But on a more serious note, there was no disclosure that the funds would be used to buy NEW projects. So one could argue that the letter actually misled shareholders.
asic, page-51
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