Mr Alexander McCulloch, a former project manager at Beacon Minerals Limited (Beacon Minerals) and Mr Darryl Brian Mapleson, who provided geological services to the company, have both appeared in the Perth Magistrates' Court today charged with insider trading.
Mr McCulloch has been charged with two counts of insider trading after allegedly encouraging two associates to purchase shares in Beacon Minerals while allegedly in possession of inside information.
Mr Mapleson has been charged with three counts of insider trading regarding the alleged purchase of 12,792,850 Beacon Minerals shares between 19 and 24 January 2017 while allegedly in possession of inside information. At the time, Mr Mapleson was engaged by Beacon Minerals to act as its Competent Person for the making of announcements to the Australian Securities Exchange (ASX) regarding drilling results.
The inside information allegedly possessed by Mr McCulloch and Mr Mapleson related to results from the stage one drilling programme at Beacon Minerals' Jaurdi Gold Project, which had not yet been announced via the ASX.
When an announcement was made by the company on 31 January 2017, the company's share price increased by 33 per cent.
Mr Mapleson's matter has been adjourned to 4 June 2021. Mr McColloch's matter has been adjourned to 2 July 2021.
The Commonwealth Director of Public Prosecutions is prosecuting the matter after a brief and referral from ASIC.
Background
If convicted, Mr McCulloch and Mr Mapleson face, in respect of each charge, a maximum penalty of 10 years' imprisonment or a fine of $810,000, or both.
