Andromeda Metals Ltd (ASX:ADN) has raised $129,699 via the exercise of options by its directors.
Managing director James E Marsh and non-executive chairman Rhoderick G Grivas acquired 2.5 million shares each while executive director Nicholas J Harding added 723,998 shares and non-executive director Andrew N Shearer acquired 2.596 million shares via the exercise of options.
Positive pre-feasibility study
Earlier this month, Andromeda released a positive pre-feasibility study (PFS) which has reinforced the potential for the Poochera Halloysite-Kaolin JV Project in South Australia to be a long-term supplier of high-quality halloysite-kaolin product.
The PFS for a proposed kaolinised granite open-cut mine and site wet-processing facility at Carey’s Well deposit has delivered further improvement in the project economics.
This has largely been achieved through the inclusion of onsite wet-processing for the production of premium grade refined kaolin clay.