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Xanadu Mines board members show confidence with share purchases

The company could reach a market value in the order of $375 million or 45 cents a share, according to Hunter Capital Advisors.

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Share purchases between all three board members amounted to nearly 650,000 shares

Xanadu Mines Ltd (ASX:XAM) board members Darryl Clark, Andrew Stewart and Michele Muscillo have shown confidence in the company through direct and indirect purchases of Xanadu shares.

The company is in a prime position in southern Mongolia and boasts of Asia’s largest undeveloped copper deposits at its Kharmagtai project, which has upside in substantial gold credits.

READ: Xanadu Mines has a tier-1 copper asset with a gold bonus: Hunter Capital Advisors

Executive chairman Darryl Clark indirectly purchased 202,150 fully paid shares at a price of 5.2 cents a share, bringing his holding to a total of more than 2.2 million shares.

Executive director and chief executive officer Andrew Stewart made a direct purchase of 429,000 shares amounting to $22,318 and disposed of 7 million performance rights.

His total holding now is more than 4.7 million fully paid ordinary shares.

Independent non-executive director Michele Muscillo indirectly acquired nearly 5,500 shares, bringing her total holding to 59,441 shares.

Quick facts: Xanadu Mines Ltd

Price: 0.033 AUD

ASX:XAM
Market: ASX
Market Cap: $23.52 m
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