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Ironbark Zinc director Danny Segman builds holding through further on-market purchases

The major shareholder’s indirect interests have acquired more than 3.724 million shares in recent transactions.

Ironbark Zinc Ltd - Ironbark Zinc director Danny Segman builds holding through further on-market purchases
The company recently received commitments to raise $1 million in a placement

Ironbark Zinc Ltd (ASX:IBG) non-executive director and major shareholder Danny Segman continues to show his faith in the company’s zinc-lead focus through on-market share purchases.

On November 6 and 7, Segman’s indirect interest Dulyne Pty Ltd acquired 724,724 shares with a total value exceeding $10,000, taking its overall holding to more than 57.224 million shares.

Another indirect interest, Toronga Pty Ltd, acquired further shares in on-market transactions on October 31 and November 4.

Toronga acquired 3 million shares with a total value of $42,481 and now holds 63 million shares.

At today’s price of 1.5 cents Dulyne’s holding is valued at more than $858,000 while Toronga’s is valued at $945,000.

The latest acquisitions follow another on September 24 in which Segman purchased 1.5 million shares for $28,656.

Placement commitments

Ironbark last month received commitments for a placement to sophisticated professional investors to raise $1 million at an issue price of 1.35 cents per share.

Funds raised will be used primarily to further development work on the company’s flagship Citronen Zinc-Lead Project in Greenland.

At the time managing director Michael Jardine said: “The company is delighted with the support received for the placement and welcomes a number of new institutional and sophisticated investors to the register who are supportive of our efforts to develop Ironbark’s flagship Citronen project.

“With the support of shareholders and the new board, I look forward to unveiling a number of growth initiatives at the upcoming AGM that will enable the company to progress its portfolio of projects in 2020.

“Importantly the company is currently engaging with a number of stakeholders who are aligned with our drive to increase the equity value in IBG, ultimately assisting in making the delivery of the Citronen project to market a reality.”

The AGM will be held on November 28, 2019, at PKF Perth, Level 5, 35 Havelock Street, West Perth.

Quick facts: Ironbark Zinc Ltd

Price: 0.015 AUD

ASX:IBG
Market: ASX
Market Cap: $13.8 m
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