ASIC raids miner’s office

The Australian Securities and Investments Commission has carried out a search of Excalibur Mining’s offices over allegations of insider trading.

It comes as the mining company is attempting to act as a backdoor listing as a technology company.

Excalibur is currently aiming to acquire Dropsuite, an enterprise grade data recovery and protection software suit for SME’s digital assets, and act as a backdoor listing for the company.

Earlier this week ASIC squads, supported by the Australian Federal Police, searched the miners’ premise in WA, spending a number of hours at their offices before emerging with boxes of files, according to The West.

According to the miner’s executive chair, Alex Bajada, ASIC requested the information from the company, and the inquiry does not relate to current directors to staff.

“The company is co-operating with this request and will not comment further because of the confidentiality of this matter,” Bajada told WestBusiness.

ASIC has previously issued warnings to resources companies seeking to transition into technology companies, that they must fully disclose their intentions to the market and shareholders.

 

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