A sophisticated investor is topping up their shareholding in junior explorer Western Mines Group (ASX:WMG) via the exercise of several options over the past few days.
The investor has exchanged 225,000 options for fully paid ordinary shares at a cost of $0.30 share for a total of $67,500.
Western Mines’ shares are currently trading at $0.42, which is a 40% premium to the exercise price of the options.
As of mid-May, the company had 20.1 million unlisted options on issue at a strike rate of $0.30.
Western Mines, which has a market capitalisation of $31.8 million, last week completed the drilling of a diamond hole at its Mulga Tank Nickel-Copper-PGE Project in Western Australia.
It was the deepest hole drilled so far at the project and Western Mines believes it demonstrates the extensive nature of the nickel sulphide system.
At the end of the March quarter, Western Mines had around $1.8 million cash in the bank.
Write to Angela East at Mining.com.au
Images: Western Mines Group
