Ironbark Zinc Ltd (ASX:IBG) non-executive director, Gary Comb, has increased his indirect stake in the company by taking up his full entitlement of $15,000 in the recent Share Purchase Plan (SPP).
Comb now holds over 1.1 million shares, and 1 million unlisted options.
The SPP raised $500,000, which follows $1.5 million from a bookbuild.
Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.
Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.
The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.
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