Element 25 Ltd (ASX:E25) directors Seamus Cornelius, Justin Brown and John Ribbons have demonstrated faith in the company’s manganese strategy by participating in the oversubscribed share purchase plan (SPP).
On July 23, the company announced the heavily oversubscribed SPP had closed following receiving applications for more than $3.2 million, surpassing its target of $1.5 million to accelerate development at the Butcherbird Manganese Project.
Chairman Seamus Cornelius and non-executive director John Ribbons each acquired 75,000 shares at 40 cents per share, while managing director Justin Brown acquired one lot of 75,000 in one indirect interest and another 75,000 in another indirect interest.
Cornelius' acquisition takes the number held in a direct interest to 2,470,548 ordinary fully paid shares with a further 2,545,548 in an indirect interest while Ribbons now holds 660,715 shares in an indirect interest.
Brown increased his holding in one indirect interest to 4,798,215 shares and another indirect interest to 360,715 shares while he also holds 148,215 shares in a direct interest and another 98,215 shares in a further indirect interest.
Accepting all applications
Although the SPP booklet outlined the company was seeking to raise $1.5 million, the board decided to use its discretion under the terms of the SPP and accept all shareholder applications.
Element 25 is developing the Butcherbird project to produce high-quality manganese concentrate and high-purity manganese products for traditional and new energy markets.