Four board members in total have purchased shares in the company as a result of participating in the May 2019 share placement.
When directors participate in share placements, they must seek shareholder approval, which was recently received.
Shares were issued at 10.6 cents each as per the original price of the May 2019 placement.
Managing director Robert Thomson, chairman Bill Guy, and non-executive directors Brett Tang and Bill Yang each purchased shares.
Thomson purchased $80,000 of shares increasing his stake to 1.26 million shares, Guy purchased $40,000 of shares increasing his stake to 0.79 million shares, Tang purchased $10,000 of shares increasing his stake to 32.8 million shares, and Yang purchased $70,000 of shares increasing his stake to 1.51 million shares.
A recently completed feasibility study for the Theta project confirmed positive economics and the project’s commercial viability.
This is supported by a global mineral resource recently updated to 6.026 million ounces grading 4.18 g/t gold within the greater TGME project in South Africa.
The study, which targets a small portion of the Theta Hill deposit, has forecast a bottom-quartile cost open-pit gold operation.
This starter operation has forecast 200,905 ounces to be produced over five years generating free cash flow of US$65.7 million.