PERTH (miningweekly.com) – Mining personality Tony Sage has been ordered to sell off 25-million shares in ASX-listed Chameleon Mining, as his holding the shares breached an ASX listing rule.

Sage participated in a December 2010 share placement, at the same price and at the same terms as the other participants in the share placement. However, Sage’s acquisition of the shares in Chameleon were not approved by ordinary shareholders.

Following the placement, Sage caused the Cameleon to lodge a change of director’s interests notice after the shares were issued to notify the ASX of the change in his interest, and it has only been recently that the ASX commented on the issue of shares.

The bourse now required Sage to sell off these shares on-market within the next four weeks, with any financial gain on the sale to be distributed to a charity.

At this point in time it was not expected that there would be any financial gain from the investment.