The panel is yet to release the reasons for its decision.

On Tuesday it found that Coppermoly's one-for-four non-renounceable entitlement offer to raise approximately $1.62 million could potentially increase the Coppermoly stake held by underwriter Jelsh Holdings from 12.06% to 26.76%.

As part of the orders Coppermoly will be required to provide a letter of offer to eligible shareholders, in a "form approved by the panel", which will enable them to acquire shares from the underwriter.

As part of declaring unacceptable circumstances, the panel said there were material deficiencies in Coppermoly's disclosure, "including in relation to the identity of Jelsh and its intentions for Coppermoly and the changed intentions of directors in respect of taking up their entitlements".

In an announcement on Wednesday, Coppermoly said a letter of offer, which will include any further disclosures required, would be sent to its eligible shareholders in the next few days.

While an entitlement offer is still on the cards, Yeaman told PNGIndustryNews.net his application to the panel was a success.

"It opens it up again although more information has to be given to the shareholders," Yeaman said.

A founding shareholder of Coppermoly, Yeaman was part of a failed effort to roll the explorer's board in April.

Yeaman's actions with the panel were carried out through Yeaman Nominees as trustee for the Yeaman Super Fund.