Maximus Resources Ltd’s (ASX:MXR) (FRA:M5F) directors have given the thumbs up to the company by participating in its recent strategic placement to raise up to $3.18 million to accelerate drilling at prospects around the historic high-grade Wattle Dam Gold Mine.
As part of the placement, company directors committed to subscribe for an aggregate of $180,000 worth of shares via the issue of an additional 1,894,737 shares at a price of $0.095 per share.
The issue of shares to directors was approved by the company’s shareholders at the annual general meeting held on December 16, 2020.
Directors increase stake
Acting chairman Gerard Anderson acquired 526,316 shares valued at $50,000 in an indirect interest on December 23, raising his total holding to 555,156 ordinary shares.
Managing director Tim Wither made his first purchase in the company by acquiring 210,526 ordinary shares for $20,000 in an indirect interest.
Non-executive director Martin Janes invested $50,000 for 526,316 ordinary shares and now holds 926,316 shares in an indirect interest.
Fellow non-executive director Steven Zaninovich acquired 210,526 ordinary shares valued at $20,000 in an indirect interest and this was his first acquisition of shares.
Funding accelerated exploration
The placement will fund the company’s accelerated exploration programs at prospects around the historical high-grade Wattle Dam Gold Mine in Western Australia, following recent positive drill results of 3 metres at 83.3 g/t gold from 25 metres, including 1-metre at 245 g/t.
Funds will also be used to complete further exploration across the company’s Spargoville tenements and the completion of studies required for the company’s Larkinville and Eagles Nest resources approved for mining.
Endorsement of projects
When announcing the placement, managing director Tim Wither said: “The placement represents a major endorsement for Maximus’ projects, the management teams’ technical capabilities and importantly the clear strategy of generating and drill testing a pipeline of targets capable of realising high-grade world-class discoveries.
“To attract several high calibre resource investors to the company underpins the unrealised value of the company’s assets at Wattle Dam and across the Spargoville tenements.
“We are excited by the opportunities the new capital provides in allowing aggressive exploration in and around Wattle Dam, in conjunction with developing and growing the current resources at Redback, Larkinville and Eagles Nest.”