Element 25 Ltd (ASX:E25) directors have participated in a share purchase plan (SPP) which raised almost $1.39 million to accelerate the pre-feasibility study at the Butcherbird Manganese Project in Western Australia.
Element 25 chairman Seamus Cornelius, executive director Justin Brown and non-executive director John Ribbons each increased the total number of securities held in the company.
Cornelius purchased 171,430 shares valued at $30,000 and now holds more than 3.45 million shares in direct and indirect interests.
Brown's participation involved the purchase of 342,860 shares valued at $60,000 and he now holds more than 5.25 million shares.
Ribbons outlayed $15,000 to acquire 85,715 shares and now holds 585,715 shares, also in direct and indirect interests.
The company closed its share purchase plan (SPP) after receiving commitment from sophisticated investors to raise $420,250.
The SPP and previous placement have collectively raised $1,338,250.
Allotment of the new shares is scheduled to occur on Friday, June 7, 2019.
Earlier this month the company signed the final Native Title Agreement required for the grant M52/1074 and development of the Butcherbird project.
The agreement recognises the Nyiyaparli People as traditional owners of the land and the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC) as the registered body corporate in relation to the land.