Alliance Mineral Assets failed to receive Burwill placement

However, 17m subscription shares were issued to Burwill on the same day.

Mining company Alliance Mineral Assets raised its concern when it failed to receive $5.12m (A$5m) in subscription consideration from Burwill Commodity Limited for the fourth and final tranche of subscription agreement for the proposed placement.

However, a press release claimed that 17,905,450 shares representing tranche 4 subscription shares have already been allotted and issued to Burwill on the same day.

Alliance has moved to appoint an independent firm to review the matter.

Moreover, it announced that any cash disbursement from the company worth $1.02m (A$1m) is subject to the approval of the board.

The company has earlier requested for trading halt on November 15 but has asked to lift it on the 19th.