8th Jun 2016 10:56
LONDON (Alliance News) - Alecto Minerals PLC said Chief Executive Officer Mark Jones subscribed for 12.5 million new ordinary shares at a price of 0.08 pence per share Wednesday, as part of the share placement the gold explorer announced last month.
Following the subscription, Jones is interested in 25.8 million shares, representing 0.58% of the company's enlarged issued share capital.
In May Alecto said it would increase its share capital by 18.6% by conducting a share placing.
The company issued 831.3 million new shares priced at 0.08 pence each to new and existing shareholders, which will raise GBP665,000 to allow work to continue at the Matala gold project in Zambia.
The stock was up 5.9% at 0.09p Wednesday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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