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Cassini Resources directors and management exercise options to raise $820,750

In August 2016, Cassini entered a three-stage $36 million farm-in/joint venture for the West Musgrave project with prominent mining company OZ Minerals.

Cassini Resources Ltd - Cassini Resources exercises $820,750 capital raise through unlisted option exercise
The West Musgrave project is the largest undeveloped nickel-copper project in Australia

Cassini Resources Limited (ASX:CZI) directors and key management have provided a show of confidence in the company by exercising 12.25 million unlisted options to raise $820,750.

The option exercise includes a $234,00 cash investment from managing director Richard Bevan, $221,000 from chief operations officer Greg Miles, $134,000 from non-executive chairman Mike Young and $67,000 each from non-executive directors Jon Hronsky and Phil Warren.

Shares are up more than 3.6% today to 8.5 cents.

Strong sign of support 

Managing director Richard Bevan said: “It is a strong sign of support for the company that all of the board and key management have decided to exercise their share options.

“It demonstrates the confidence that we have in value of Cassini going forward and our commitment to delivering for all shareholders.”

The company will apply for quotation of the shares shortly.

Board changes 

Yesterday the company made several changes to the board ahead of what looms as a definitive year for the company with the appointment of Sze Man Suen (Simone) as a non-executive director.

In order to manage the size of the board, Greg Miles has resigned from his position as an executive director, effective immediately, and has been appointed chief operating officer.

The day-to-day role of Miles will not change within Cassini as he steers the company’s technical and operations team, working closely with joint venture partner OZ Minerals Limited (ASX:OZL), to deliver a pre-feasibility study at the West Musgrave project.

Quick facts: Cassini Resources Ltd

Price: 0.097 AUD

ASX:CZI
Market: ASX
Market Cap: $41.49 m
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