Participation of the directors in the placement was approved by shareholders at a meeting this month with the purchases taking place on May 14 at 10 cents per share.
Metal Tiger participation
Prominent global copper and gold investor Metal Tiger PLC (LON:MTR) also participated with a $2.2 million investment and as a result has become a new substantial shareholder, holding 22 million shares for a 17.14% stake.
The UK-based company bought more than 5.02 million shares valued just over $502,000 in early April and on May 14 purchased almost 16.98 million shares valued at $1.698 million.
Non-executive chairman Greg Boulton purchased 500,000 shares valued at $50,000 in an indirect interest and now holds 2,878,256 shares in that interest.
Executive director Bong Joo (Beejay) Kim bought 300,000 shares valued at $30,000 in a direct interest, representing his first purchase.
Two non-executive directors, David Turvey and Douglas Kirwan, acquired 200,000 placement shares in indirect interest with each transaction valued at $20,000.
Turvey now holds 868,278 shares in that indirect interest while Kirwan now holds 333,334 shares in his indirect interest.
Fellow non-executive director Peter Bamford bought 140,000 shares valued at $14,000 in an indirect interest taking his holding in that interest to 406,667 shares.
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