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.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support