The board of Hazelwood Resources (ASX:HAZ) have acquired shares in the recent capital raising, as the company sharpens its focus on the ATC ferrotungsten operation in Vietnam.
Directors of the company increased their shareholdings through participation in the entitlements and shortfall offer, including:
- Mark Warren, executive chairman, increased his Indirect stake by $30,000;
- Patrick Burke, non-executive director, boosted his Indirect stake by $20,000; and
- John Chegwidden, non-executive director, lifted his Indirect stake by $50,000.
In total Hazelwood is raising $3 million, which was partly underwritten by GMP Securities Australia.
Also adding to its cash position, Hazelwood is selling its two Western Australian tungsten exploration assets to Tungsten Mining (ASX:TGN), which will bring in another A$1 million in cash and 56 million Tungsten Mining shares.
Japanese interest
Hazelwood has now positioned itself to focus on its production activities at the ATC ferrotungsten operation in Vietnam, which has recently attracted increased sales interest from Japanese buyers.
In September, three Japanese buyers contracted to acquire ferrotungsten from the plant at prices above spot prices on the European market.
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