The former director and CEO of an ASX-listed mining company has been charged with insider trading.
Avrohom Kimelman has been charged with four counts of procuring the acquisition of shares in Quantum Resources Ltd (now Nova Minerals Ltd) while in possession of inside information, and four counts of applying for shares in Quantum while in possession of inside information.
Mr Kimelman was a director and the CEO of Quantum when he applied for the acquisition of 3,957,150 of the company’s shares. ASIC alleges that Mr Kimelman was in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada.
Each of the charges of insider trading carries a maximum penalty of 10 years’ imprisonment. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
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