Develop Global (ASX:DVP) has pocketed $11.55 million from the exercise of 15.4 million options by two directors.
Managing Director Bill Beament exercised 14 million options, which generated $10.5 million in proceeds, while non-executive Chairman Michael Blakiston exercised 1.4 million options, generating $1.05 million.
The options were issued and approved by shareholders at a general meeting on 9 June 2021.
Beaumont holds another 14 million options, expiring in June 2025, which would generate another $10.5 million for Develop Global if exercised.
Meanwhile, Catalyst Metals (ASX:CYL) says it had advised Collins Street Asset Management to convert the remaining $3.024 million loan into 3.024 million shares under the terms of its convertible note agreement.
The conversion means that the company will no longer have any outstanding debts.
Catalyst, which has a market capitalisation of $208.26 million, says its remaining debt comprises a gold loan of 2,590 ounces of gold. This accounts for less than 2.5% of the company’s annual production.
The loan is to be repaid in seven monthly installments of 370 ounces between 1 June and 31 December 2024.
Catalyst says it has repaid more than $28 million of debt since July 2023, the date on which it consolidated the Plutonic Gold Belt after acquiring Vango Mining.
GTI Energy (ASX:GTR) has received $2.25 million via a placement to fund resource drilling to advance the Lo Herma Project’s Scoping Study and other exploration activities at the Green Mountain and Utah projects.
A resource drilling program is scheduled to begin next month and will comprise 71 drillhole locations and construct up to five groundwater monitoring wells.
This phase of drilling will focus on expanding the resource areas and upgrading the current mineral resource classification. Once complete, the company intends to update Lo Herma’s resource estimate and exploration target.
Upon completion, GTI will conduct a Scoping Study to demonstrate the economic potential of the project.
Under the placement, 500 million shares were issued at $0.0045 each to institutional and sophisticated investors.
The participants received one free attaching option for every three placement shares subscribed for, with an exercise price of $0.01 per share and a four-year expiry period.
The company also plans to conduct a rights entitlement issue on similar terms to the placement. CPS Capital plans to underwrite the rights issue, subject to a separate underwriting agreement.
Finally, Sarama Resources (ASX:SRR) is conducting a placement to raise $1 million to assess and pursue potential acquisitions, undertake exploration across its properties, and for general working capital.
Under the placement, 50 million chess depository instruments (CDIs) at $0.02 per CDI will be issued. The issue price represents a 13% discount to the 10-day volume-weighted average price.
The placement will be conducted in two tranches. Tranche one comprises 45 million new CDIs to raise $900,000, which is expected to be completed on 21 June. Tranche two comprises 5 million new CDIS to raise $100,000, which is subject to shareholder approval.
Write to Aaliyah Rogan at Mining.com.au
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