Notably, Alkane’s directors applied for 100% of their entitlements which contributed $8.14 million to the $20.66 million rights issue component of the capital raising.
The proceeds will be used to accelerate the exploration and development of the Tomingley Gold Corridor within Alkane’s Tomingley Gold Project in New South Wales.
This includes an exploration drive from the existing Wyoming One pit down to the northern end of mineralisation within the corridor.
This will expedite the availability of additional ore sources for the Tomingley mill, which will operate at less than capacity during calendar 2020.
Entire board increases personal stakes
All five members of Alkane’s board have increased their shareholding through participation in the recent 1:8 rights issue.
- Chairman Ian Gandel purchased 7.786 million shares;
- Managing director Nic Earner purchased $10,083 shares;
- Technical director David Chalmers purchased $285,458 shares;
- Non-executive director Anthony Lethlean purchased $44,004 shares; and
- Non-executive director Gavin Smith purchased $20,280 shares.