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Insurer stop order lifted

THE Australian Securities and Investments Commission has revoked interim stop orders on the fundraising documents of Perth listed company Insurance My Way Limited.

An interim stop order was issued due to a lack of disclosure regarding the implications for Insurance My Way if the full amount the company was seeking in the prospectus was not raised.

The prospectus stated that the company was scaling down its insurance broking business and was proceeding to merge with a Californian based energy and technology company, Exergy Inc, seeking to raise up to $375,000 through a share offer that was to be used for working capital and to provide a loan to Exergy Inc.

ASIC earlier this week revoked the interim stop order following the lodgement of a replacement prospectus giving them the ability to proceed with the capital raising.

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