CITIGOLD FINED BY ASIC

Written on the 5 October 2010

CITIGOLD FINED BY ASIC

THE Australian Securities and Investments Commission (ASIC) has fined Citigold Corporation (CTO) $33,000 for not informing the market of a downgraded production estimate.

A statement from ASIC released today says the company failed to release the information to the market for more than four days in late-2009.

“Citigold knew that its gold production for the December 2009 quarter was expected to be 5,000 ounces and that its gold production target for 2010 had been revised to 50,000 ounces,” said an ASIC spokesperson.

“These figures were significantly below its public forecasts announced on 30 April 2009 of 15,000 ounces in the fourth quarter of 2009 and 85,000 for the 2010 year and were affirmed in its quarterly reports throughout 2009.

“Citigold announced that it was on track with its gold production forecasts and that this might be relevant information for shareholders considering taking up their entitlements under its Share Purchase Plan announced on 14 April 2009.”

Citigold CFO Matthew Martin did not return calls to brisbanebusinessnews.com.au.


Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter