Tietto Minerals Ltd (ASX:TIE) directors have demonstrated their confidence in the company’s gold strategy by participating in a placement following shareholder approval on September 10.
The West African explorer completed stage-2 of its capital raising on September 21 after raising $34.6 million, bringing total gross proceeds from the placement and share purchase plan (SPP) to $56.6 millon.
Funds will be used to continue delivering growth in resources through resource and exploration drilling at the Abujar Gold Project in in Côte d'Ivoire, West Africa.
Change of directors interests
Non-executive director Hanjing Xu acquired more than 1.177 million shares at 62 cents per share on September 21 in a direct interest.
This was his first purchase in this interest with almost 1.989 million shares also held in an indirect interest.
Non-executive director Francis Hopper purchased 435,484 shares also at 62 cents per share on that date in a direct interest, increasing the total number held to more than 4.485 million with another 6,407,918 shares held in an indirect interest.
Abujar Gold Project exploration
Mineral resource drilling at Abujar over the next 12 months will consist of about 45,000 metres as well as exploration drilling of 25,000 metres across multiple targets.
The placement will also fully fund a pre-feasibility study and a definitive feasibility study for Abujar, provide capital for long lead time items associated with the proposed mine development and general working capital.
To date, the project hosts 2.2 million ounces.