viewGalena Mining Ltd

Galena Mining substantial shareholder Tim Roberts increases stake to 19.6%

Roberts acquired 20 million shares through an off-market purchase arranged by a broker.

Galena completed a DFS for the Abra Base Metals Project in 2019
Galena completed a DFS for the Abra Base Metals Project in 2019

Galena Mining Ltd’s (ASX:G1A) substantial shareholder Tim Roberts has increased his stake in the company to 19.6% following an additional off-market secondary acquisition of shares.

The New Zealand based investor acquired 20 million shares on March 26 through an off-market purchase at 15 cents per share, increasing his holding of Galena shares to 75.4 million.

“Great endorsement”

Managing director Alex Molyneux said: “This transaction is the second time Mr Roberts has increased his shareholding through purchases of existing shares since making his initial strategic investment in Galena in March 2019.

“In our view, it’s a great endorsement in the quality of our flagship, Abra Base Metals Project from an astute global investor that invests with strength and conviction.”

Roberts acquired the shares via an off-market purchase arranged by a broker.

EPC contract for Abra processing plant

On February 2 the company awarded an engineering, procurement and construction (EPC) contract for the proposed processing plant at its flagship Abra Base Metals Project in Western Australia.

Under the contract, GR Engineering will produce a 1.2 million tonnes per annum lead sulphide flotation process plant and ancillary infrastructure.

Galena’s managing director Alex Molyneux said at the time: “I am pleased we have been able to retain GRES, which has the most relevant experience and understanding of our project, on terms that are in-line with our feasibility study estimates.”

Quick facts: Galena Mining Ltd

Price: 0.2 AUD

Market: ASX
Market Cap: $79.43 m

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on 10/10/19

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