Kingston Resources Ltd (ASX:KSN) non-executive chairman Anthony Wehby has demonstrated his faith in the company's gold strategy by purchasing shares on-market.
Wehby acquired 5 million shares for total consideration of $65,000, bringing the total number of securities held to almost 9.74 million.
With shares up around 7% to 1.4 cents, Wehby's holding is worth in excess of $136,000.
READ: Kingston Resources raises nearly $1 million in rights issue to fund further gold exploration
Earlier this month the company raised $938,670 in a pro-rata non-renounceable rights issue of one new share for every six ordinary Kingston shares held by shareholders.
Each new share was issued at a price of 1.6 cents each.
Funds will go towards further exploration work at the company’s Misima Gold Project in Papua New Guinea and Livingstone Gold Project in Western Australia.
Kingston managing director Andrew Corbett thanked the company’s shareholders at the time for their ongoing support.
READ: Kingston Resources completes drilling program targeting near-surface gold mineralisation at Misima
He said: “The Kingston team look forward to providing an update on the ongoing drilling program at the Misima Gold Project in PNG as well as the next drilling program at the Livingstone Gold Project in Western Australia.”
Kingston recently completed an 11-hole drilling program at the Misima project to provide infill and validation data in the area east of the historic Ewationa open pit.
READ: Kingston Resources board members participate in rights issue
The company's directors Andrew Corbett, Anthony Wehby, Mick Wilkes and Stuart Rechner took part in the rights issue.
Managing director Corbett purchased 833,273 shares and chairman Wehby purchased 677,129 shares.
Furthermore, non-executive directors Wilkes and Rechner purchased 400,000 and 167,027 shares respectively.