Ventnor Resources Ltd (ASX:VRX) has had all three of its board members increase their stake in the company as a result of participation in the recent capital raising.
This includes non-executive chairman Paul Boyatzis, managing director Bruce Maluish, and non-executive director Peter Pawlowitsch.
Pawlowitsch purchased 2 million shares for $120,000 increasing his stake to 21.5 million shares.
Maluish purchased 1 million shares for $60,000 increasing his stake to 12.3 million shares, and Paul Boyatzil purchased 450,000 shares for $27,000 increasing his stake to 2.9 million shares.
READ: Ventnor Resources samples glass-making standard silica sand at Arrowsmith
The directors received shareholder approval last week as required for their participation in the two-tranche placement that raised $2.4 million in total.
The company is focused on its Arrowsmith and Muchea silica sands projects north of Perth.
Maiden JORC resource expected soon
Sufficient drilling has been undertaken to allow a JORC-compliant resource estimate to be compiled at each of the projects.
The maiden JORC resource estimate for the Arrowsmith deposit is expected as early as this month.
The company has also conducted preliminary test work programs which indicate that the deposits at Arrowsmith can be upgraded to glass-making silica sand requirements.