Walkabout Resources Ltd (ASX:WKT, FRA:N6D) non-executive chairman Michael Elliott has demonstrated confidence in the company through participating in the entitlement issue shortfall.
On July 32, Elliott acquired a total of almost 6.373 million shares in indirect and direct interests worth more than $1.274 million.
This has seen Elliott become a substantial holder in Walkabout Resources with a stake of 5.22% and more than 20.2 million shares.
He now holds 2.3 million shares in a direct interest with the remainder in three indirect interests.
New CFO
Walkabout has appointed Tony Allen to the role of chief financial officer, effective from July 19, coinciding with the company completing companion equity requirements to enable the drawdown of its US$20 million project debt with CRDB.
That combined funding will enable completion of the construction of Lindi Jumbo Graphite Mine in Tanzania and the beginning of production, which is targeted for the middle of 2022.
Other board appointments
This follows the company appointing two new non-executive directors on July 16.
Walkabout believes the appointment of Phil Montgomery and Peter Finnimore as non-executive directors is pivotal to the execution of the next phase of its development, bolstering the depth and breadth of skills.