KRR 0.00% 2.2¢ king river resources limited

News: King River Copper chairman Anthony Barton acquires shares on-market

  1. King River Copper's (ASX:KRC) non-executive chairman Anthony Barton has increased his interest in the company, acquiring 2 million shares for $33,969 in on-market trades.

    This increases his total holding to 17.37 million ordinary shares through direct and indirect interests.

    The share purchase comes as the company seeks to raise up to $1,771,900 from a 1:1 pro-rata non-renounceable rights offer priced at $0.01 per share to re-start exploration at the Kimberley project.
    Shares in the company have risen today to $0.026 from its close of $0.018 on Friday, a rare occurrence following announcement of a rights issue.

    The offer is pitched at a 61.5% discount to current market price which is no doubt the reason for the share price moving up and offers shareholders the opportunity to average their costs down.

    Proceeds from the rights issue will be used to advance the exploration of the copper and gold potential of its East Kimberley tenement.

    Previous drilling had intersected anomalous gold and copper intervals along the 5 kilometre long Chapman to Greys structural corridor.

    Drilling and recompilation of magnetic, IP and SAM geophysical data have identified new targets for drilling in 2015 associated with the interpreted west dipping Grey and Chapman thrusts.


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