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.
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.