Xtract Resources PLC’s (LON:XTR) chairman Colin Bird is heavily supporting a new fund raise for the junior miner.
The AIM-listed group intends to raise £220,000 gross at a price of 0.0165p per share, a 10% premium to two days ago.
Bird will directly and indirectly subscribe for around 30% of the new shares to be issued, which will take his own stake to 2.5% with African Pioneer, where he is a director, owning a further 0.6%.
Warrants have also been issued on a 1-2 basis exercisable at 0.02p each.
Xtract is focused on its Manica development in Mozambique where the plan is for an open pit gold mine with a seven year life.