Arrow Minerals managing director increases stake amid Strickland drilling campaign
Michael’s trades were on-market
Arrow Minerals Ltd (ASX:AMD) managing director Steven Michael has demonstrated his confidence in the company, further increasing his stake in the company.
The chartered accountant has 15 years investment banking and mining research experience, gained posts with RBC Capital Markets, Macquarie Bank and NM Rothschild & Sons.
READ: Arrow Minerals commences new major drill program at Strickland
The company started a major drilling program this month at its Strickland Gold Project in the Yilgarn Craton area of Western Australia.
Arrow expects to report on results from the 14,000-metre program in December.
The first stage, already begun, is drilling the T6 prospect, with T1 and T2 prospects to follow.
Arrow plans to release assay results separately for each prospect.
READ: Arrow Minerals to receive consideration for sale of 49% interest in Pilbara Gold Project
In September, the company banked C$1 million in cash and took up 2 million shares in Canadian company Pacton Gold Inc in exchange for its 49% interest in that company’s Pilbara Gold Project in Western Australia.
The share holding was valued at C$800,000 at the time.
READ: Arrow Minerals drills widespread gold at T1 prospect
Today, the company shared Michael had increased his direct-and-indirect holding in the company.
Michael picked up 500,000 shares on-market last week on October 15, paying $8600 or 1.72 cents a share.
The shares put Michael’s direct and indirect interest, in Steven and Laureen Michael’s Chasing Summer Super Fund A/C investment outfit, at 4,587,142 ordinary shares.
The stake is valued at $82,568.556 at today’s last-traded price of 1.8 cents.
Michael’s stake in Arrow also includes 653,572 options exercisable at 10 cents on or before 31 December 2019.
About the directors
Michael has significant experience in debt and equity financing of mining projects and is joined on the board by non-executive directors Frazer Tabeart and Nicholas Ong.
Tabeart is the managing director of PolarX Ltd (ASX:PXX) and an executive director of African Energy Resources (Guernsey) Ltd (ASX:AFR).
Ong was previously an Australian Securities Exchange principal adviser at ASX Ltd (ASX:ASX) who helped more than 100 companies list on the Australian market.
Arrow securities gained 0.1 cents, or 5.88%, by early afternoon to 1.8 cents.