The maximum amount able to be subscribed for under the SPP is 1 million shares for a value of $15,000.
This increased chairman Peter Bennetto’s holding to around 4.3 million shares, and non-executive directors Comb’s and Segman’s holdings to 3.6 million and 110.5 million shares respectively.
The SPP subscriptions follows a number of on-market purchases by directors recently including Segman’s purchase of over 1 million shares throughout July 2019.
Recently, Ironbark engaged a mining consultant to consider a high-grade smaller starter mine at its Citronen Base Metals Project in Greenland.
This less capital intensive revised model would see a much smaller initial operation developed with a targeted 1 million tonnes per annum (Mtpa) production rate.
While this avenue is evaluated, Ironbark reiterates that encouraging discussions surrounding the development of the current 3.3Mtpa planned and permitted feasibility study remain ongoing.
Galena successfully revised their historical plans to a new high-grade operation.