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Ironbark Zinc managing director demonstrates confidence with on-market purchases

The company offered a share purchase plan to eligible shareholders to raise up to $1.5 million to advance the Citronen base metals project.

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The Citronen project is in Greenland

Ironbark Zinc Limited (ASX:IBG) managing director Jonathan Downes has demonstrated his confidence in the company with the purchase of shares in on-market transactions.

Downes purchased a further 400,000 shares in direct and non-direct interests in transactions from July 10-12, 2019, and now holds almost 12 million shares in various direct and indirect interests.

The company's shares are trading at 1.6 cents.

READ: Ironbark director makes further on-market purchase

Downes' purchase follows the acquisition last week of 200,000 shares by recently appointed director Danny Segman, increasing his stake to 105 million shares in two indirect interests.

Segman was appointed to the board in May and at the time held a substantial interest of 13.77% of the pre-development base metals company.

Ironbark’s flagship asset is the world-class Citronen base metals project in Greenland, which hosts one of the world’s largest zinc resources and remains open-ended to further mineralisation.

READ: Ironbark raising up to $1.5 million as it advances Citronen base metal project in Greenland

The company is working to secure finance to develop the project by pursuing long-term debt provided by major international banks, private equity financing and export credit agencies.

In this regard, it is working with several groups interested in forming part of the financing package with the possibility of additional streaming financing.

Quick facts: Ironbark Zinc Ltd

Price: 0.017 AUD

ASX:IBG
Market: ASX
Market Cap: $14.38 m
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Ironbark Zinc demonstrates 'proof of concept that derisks the project in a...

Jonathan Downes, managing director of Ironbark Zinc Ltd (ASX:IBG), speaks to Proactive Investors about development of the Citronen Zinc-Lead Project in northern Greenland, as the emerging producer announces hitting the milestone of demonstrating shipping access. A mining services...

on 3/9/18

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