Anti-Indigenous Voice campaigner Warren Mundine has struck another mining bonanza — and is set to be paid $120,000 a year as chairman of a struggling “minerals exploration” company that is seeking to raise millions from the public.
Fuse Minerals, which has never earned a cent in revenue and has conducted no significant minerals exploration, last week launched a “highly speculative” initial public offer seeking up to $10 million, at 20c a share, to list on the ASX.
The company’s prospectus shows Mundine has been issued 500,000 shares and 2 million options in the company, and was given an advance of “$55,250 plus GST” (no other directors were given an advance) when he was appointed in March.
Mundine’s salary for the part-time role as non-executive chair is to be $100,000 per annum plus superannuation, plus GST, if the company lists on the ASX next month as planned.
Fuse Minerals needs to raise a minimum of $6m under the offer for it to proceed.
The company had net current assets of just $178,749 at June 30, its prospectus shows.
“On behalf of the Board of Fuse Minerals Limited, I am pleased to present this prospectus and to invite you to become a shareholder in the company,” Mundine says in a “letter from the chair” in the prospectus.
Mundine, along with Senator Jacinta Price, was the face of the “No” campaign against the Voice, aggressively campaigning against the “elite”.
Dec 21, 2021 — Mundine appointed Aura Energy director, $40,000 salary
Mundine has been heavily spruiking mining companies since the Voice referendum. Source: LinkedIn
Fuse Minerals says it has plans to search for “yet to be discovered copper, nickel, silver, lead, zinc, uranium and gold deposits” in WA and Queensland.
The company’s was created in September 2021 but has not undertaken any significant minerals exploration, shows its 402-page prospectus.
Mundine’s 2 million options in Fuse Minerals have an “exercise price” of 33.4c. That means Mundine has the option to buy up to 2m Fuse Minerals shares at 33.4c each, regardless of the share price at the time.
Mundine also has 500,000 shares which will rank equally with the shares issued under the current public raising, the prospectus shows.
It states the ASX will likely require shares and options issued to Mundine and other directors to be held in escrow (meaning they cannot be sold) for 24 months from listing date.
Mundine spruiking the launch of the Fuse Minerals IPO last week. Source: LinkedIn
Mundine launched “No” campaign group Recognise a Better Way on January 30.
On May 10 he announced Recognise a Better Way it would merge with Advance, and he and Price would be the two faces of the merged entity.
In its campaign against the Voice, Advance (officially Advance Aus Ltd) ran a network of at least seven interconnected entities, including Recognise a Better Way, Fair Australia, Australians for Unity and Christians for Equality.
It claimed to be a “grassroots” movement of “ordinary Australians” with “mainstream values” and railed against “inner-city elites”.
Of those, all have net assets in the tens of millions of dollars — and at least seven have assets of $100m or more.
(As previously revealed, two of Advance’s three directors listed fake residential addresses with regulators; none of the at least seven entities in the shadowy network had a telephone number — and the whole outfit was “run” from a fake “national headquarters” in Canberra’s CBD).
“The securities offered pursuant to this Prospectus should be considered highly speculative,” the Fuse Minerals prospectus states.
More to come….
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