GGG Resources PLC (LON:GGG) was notified by non-executive chairman Peter Ruxton and non-executive director Paul McGroary that they bought 500,000 and 440,000 shares, respectively, in the company.
Ruxton purchased his shares at 12.5 pence each and now holds 2,567,336 shares, or 1.13 percent of the capital.
McGroary purchased 170,000 of the shares at 12.15p and the remaining 270,000 at 12.5p, for a total holding of 9,510,625 shares, or a 4.19 percent stake. The total figure includes 3,240,625 shares held by Marshall Lake Mining PLC, of which McGroary is a director.
Earlier today, GGG announced the appointment of Morgan Stanley Smith Barney as broker for its upcoming listing on the Australian Stock Exchange (ASX).
The ASX listing will give GGG access to additional equity funding sources to assist it with the continued fast-track advancement of its Bullabulling gold project in Western Australia, while also helping it gain new shareholders in Australia.
GGG is targeting first production from Bullabulling by early 2013. The company acquired a 50% stake in the project from Auzex Resources (ASX:AZX) in May.
With GGG’s involvement, Bullabulling moved forward swiftly, and the former mine’s resource has grown substantially from 430,000 ounces to 2 million oz of gold.
Back in September, GGG announced the details of a A$2 million drilling programme at Bullabulling to upgrade the inferred gold resource into the measured and indicated categories.
Drilling is expected to get underway this month, and the first results are slated for November.
The 18,000 metre programme marks the start of the company’s efforts towards the completion of a feasibility study on the fast-tracked project.
GGG Resources will maintain its listing on the AIM market of the London Stock Exchange.