Labro Investments Ltd, a company in which the chairman of Chaarat Gold Holdings Ltd (LON:CGH) Martin Andersson holds a majority interest, has exercised all 21.4mln of its warrants to subscribe for Chaarat shares.
The issuing of the new shares also served to offset more than US$700,000 in loans made by Labro to Chaarat.
Following the issuing of the new shares, Labro will hold just over 161mln shares in Chaarat, representing 35.33% of the issued share capital.
The board had previously waived the requirement of Andersson to make a mandatory offer for the company after going over the 30% threshold, as it is entitled to do under the company’s articles of association.