Terry Streeter has continued to expand his investment base with the purchase of further interests in Midas Resources Ltd and Western Areas NL.
Terry Streeter has continued to expand his investment base with the purchase of further interests in Midas Resources Ltd and Western Areas NL.
Mr Streeter increased his interests in Subiaco-based Midas Resources, in which he is a director, by $501,280 pursuant to a renounceable rights issue.
He bought 8.4 million shares, bringing his stake in the company to 25 million shares valued at $1.9 million.
Managing director Geoff Balfe and chairman David Boyer also took up smaller amounts of shares and options under the rights issue.
During the past month, the company’s share price has risen from six cents to 11 cents, prompting a query from the Australian Stock Exchange as to the price hike. The company said it was not aware of any reason for the price change.
Earlier this month, Midas Resources announced it had raised more than $3 million through a rights issue with the money to be primarily used to fund a pre-feasibility study of the company’s Fortitude gold deposit at its Lake Carey project in South Laverton.
Midas aims to complete a full feasibility study ahead of a decision to mine later in 2007. Last Monday, Mr Streeter, also a non-executive director at nickel explorer Western Areas, took up 3.6 million shares at $2.60 each in that company under a non-renounceable rights issue.
Managing director Julian Hanna and non-executive director David Cooper also took up shares under the issue.
In total, the three directors took 3.9 million shares for a total consideration of $10.3 million.
Earlier this month, Western Areas advised that it had completed its entitlements issue raising approximately $35.2 million after earlier aiming to raise $45 million.
The issue is to fund the expansion of the company’s Flying Fox mine near Kambalda with the company striking sulphide nickel ore at the mine site last week.
The ore is in the southern part of the T Zero (North) deposit. Production is expected to ramp up over a period of months as decline development progresses towards T Zero (south) and the T1 deposit.
The company said drilling continued to produce results at T Zero (South) and a mineral resource estimate was expected in this area by the end of December.
The company’s share price has doubled over the year to a peak of $3.75.
Both Mr Streeter and Mr Cooper are facing legal action from private company, Western Areas Exploration Pty Ltd, over alleged breaches of their fiduciary duty as directors of Western Areas NL in 1999.
Mr Streeter, who is the largest shareholder in Western Areas with a 19 per cent stake worth more than $120 million, has been reported as saying he would defend the legal action.
