Alliance Mineral Assets, an explorer and excavator of minerals, said substantial shareholder raised her stake in the company by purchasing 40 million shares.
The stake hike comes after a seizure of shares previously held by Living Waters Mining (Australia) Pty Ltd (LVMA), a private company wholly owned by Alliance Mineral's chief executive and his wife.
Shareholder Marilyn Ting Hong Lean raised her interest in the company to 15.5 percent from 8.29 percent on November 30, Alliance Mineral said in a regulatory filing on Monday.
Marilyn is the sole owner of Grande Pacific and her husband, Jonathan Lim Keng Hock, is also deemed to hold an interest in Alliance Mineral shares.
Last month, Alliance Mineral appointed Shaun Menezes as the chief financial officer.
Perth, Western Australia-based Alliance is struggling to raise additional funds after auditors flagged uncertainty about the mining firm's ability to operate as a going concern.
Shares in Alliance Mineral plunged 7 percent to S$0.33 on the Singapore Exchange. The stock has gained 260 percent in an year.