A number of board members have joined the list of substantial holders at Quest Minerals as the company seeks to raise money amid ongoing court battles, while Steve Formica has been appointed to the board.
Today’s announcement comes about a week after legal proceedings were commenced by two entities controlled by shareholder Roger Nikolaenko in the Supreme Court to prevent a $1.8 million capital raising approved by shareholders in November.
A trial date has been set for mid-January, with the ASX extending a deadline for the company to exit a three plus year trading halt to February.
The new substantial holders are Quest chairman Paul Piercy, executive director Dennis Gee, managing director Jerome Vitale and Michael Pollin.
Mr Vitale and Mr Pollin have the biggest stakes, with 18.4 per cent and 19.1 per cent respectively.
Mr Gee is a former deputy director of the Geological Survey of Western Australian while Mr Piercy was a managing director of Westrac.
Both now have a 7.8 per cent stake.
In total, the four transactions were worth around $45,000.
New board appointee Mr Formica is a director of Cabral Resources and Lindian Resources, both ASX-listed.
The company was put into administration in 2014, with the administrator Adam Shephard then arguing that Mr Nikolaenko, who held shares in Quest, had been a shadow director of the company.
