Lachlan Star (ASX: LSA) executive chairman Mick McMullen acquired 950,000 shares at A$0.012 per share between 16-19 May in on market purchases.
McMullen purchased the shares for a consideration of $11,600 and now holds an indirect stake of 143,367,141 shares through Wildville Enterprises Pty Ltd, McMullen Geological Services Pty Ltd, and MJ & BI McMullen.
On May 9 Lachlan Star raised $2.85 million through a placement to investors in Canada and Europe at $0.014, with funds to be predominately used for the highly prospective CMD Gold Mine in Chile.
The funds will be used for mine pre strip at the wholly owned CMD mine, which recently achieved the first JORC Probable Reserve estimate of 157,000 ounces of contained gold, enabling the company to boost production and extend mine life.
Lachlan Star is currently trading at $0.011 per share.