sold a pup

This is taken from ASX announrmrnt on the 24/11/2011

"The Company has now been notified by the MEM that its appeal has not been accepted and that the Company's three licences should be allowed to expire."

These three licences are the ones that the vendors got 45m shares for, at IPO $9m worth. So much for due diligence, the licences were conditional on the company obtaining enviromental approval to proceed with an exploration program. Surely management should have known how difficult it would be to get approval! Now we're stuck with an overhang of 45m shares and no asset.

Put pressure on management ring them and ask what are they doing to get out of this mess.