Boadicea Resources Ltd (ASX:BOA) directors have shown their confidence in the company’s exploration strategy by participating in the company’s recent oversubscribed rights issue that raised $2.98 million.
Executive director Steven Moon on June 21 acquired 83,048 ordinary shares for $0.24 per share and a total consideration of $19,931.52.
He now holds a total of 498,288 ordinary shares in the company in an indirect interest.
Managing director Jonathan Reynolds also participated on that date, acquiring 107,048 shares in an indirect interest for total consideration of $25,691.52, bringing the total held in that interest to 417,284 ordinary shares.
Non-executive director Domenic De Marco acquired 72,100 ordinary shares on June 21 for total consideration of $17,304.
He now holds a total of 401,400 shares in a direct interest along with a further 31,200 shares in an indirect interest.
Funding exploration
The funds raised from the rights issue will be utilised to accelerate the company’s planned exploration activities, to pursue opportunistic business development projects.
The company will boost exploration at the Koongulla Copper-Gold Project in the Paterson Province in Western Australia where it has identified a highly prospective and relatively shallow dome feature.
In addition, to accommodate a portion of excess demand, the company has agreed to undertake a placement to raise an additional $750,000 on the same terms and conditions as the rights issue.