The stock market regulator has made an example of New Talisman Gold Mines (NTL) after a damning report found it failed to follow several listing rules.
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NZ RegCo's investigation found that the company issued a large portion of shares without shareholder approval in 2019, failed to promptly notify investors about a new acquisition it had agreed to and briefly traded without enough directors on its audit committee.
But market watchdog stopped short of any major enforcement action.
"NZ RegCo has determined to pursue an educative outcome in relation to NTL's breaches," it said.
"NTL's board was effectively reconstituted during October and November 2021 - the capital raising, and continuous disclosure breaches occurred under the oversight of the former board, which is no longer in place."
The company's board underwent wholesale changes late 2021 after a shareholder revolt, prompted by growing discontent in the company's performance and governance, sparked a series of resignations.
It resulted in several new, independent, appointments to NTL's board.
The regulator said that the new board had shown it was willing to co-operate with the regulator and had demonstrated a commitment to lift its performance.
However, it said other companies should be aware that breaches like that of NTL would typically justify more serious action.