Kasbah Resources Ltd. confirmed that it completed the placement to Pala Investments Ltd. after the Australian Takeovers Panel refused to intervene.

The regulator said applicants Lois Lane Investments Pty. Ltd. and Bloom Financial Advice Pty. Ltd. did not provide sufficient evidence to justify the panel making further inquiries.

Kasbah issued 138,133,684 new shares to Pala at 2.7 Australian cents per share to raise gross proceeds of A$3.7 million, according to a Dec. 23 release.

Meanwhile, Wayne Bramwell stepped down as Kasbah's managing director but will continue to serve as a nonexecutive director.

Richard Hedstrom was appointed interim CEO of the company, and Stephen Gill joined the company as a nonexecutive director.