Alkane Resources Limited (ASX:ALK) substantial shareholder and non-executive chairman Ian Gandel has demonstrated further support for the company by purchasing shares worth more than $13.5 million.
Gandel has increased his holding in Alkane to 23.451% from 21.984% over a period of four months from September 2019 to January 2020.
Well-funded to advance Tomingley Gold Project
Last month, Alkane closed its capital raising which raised gross proceeds of $40.66 million through a placement and rights issue.
Notably, Alkanes directors applied for 100% of their entitlements which contributed $8.14 million to the $20.66 million rights issue component of the capital raising.
The proceeds will be used to accelerate the exploration and development of the Tomingley Gold Corridor within Alkanes Tomingley Gold Project in New South Wales.
This includes an exploration driveRead More – Source