5.83 million options were exercised at 8 cents generating the cash funding for the company.
Notably, with the company’s shares are trading at 7.9 cents, meaning the option exercise was at a slight premium to the share price.
Two directors buy shares in the company
Some of these options were exercised by board chairman Anthony Ho and director Simon Cato.
Ho exercised $27,000 worth of options and Cato exercised $5,742 worth of the options.
The share acquisitions increased Ho’s total holding to 3.52 million shares and Cato’s total holding to 6.38 million shares.
Notably, this is the third option exercise since August 2018.
The funds will be used by the company to continue its work advancing its flagship Kvanefjeld Project in Greenland.