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Po Valley Directors Increase Stakes Through Participation In Private Placement

Po Valley (ASX: PVE) directors have acquired further shares in the company after participating in a A$1.35 million private placement to support the upgrade of the Sillaro gas plant in Italy to enable higher production.

Deputy chairman Michael Masterman has acquired 3 million shares priced at $0.12 for a total of $360,000.

This brings his stake in the company up to 32,845,302 shares.

Chairman Graham Bradley acquired 250,000 shares for $30,000, bringing his total shareholding up to 1,373,880 while director Gregory Short acquired 200,000 shares increasing his shareholding up to 200,000 shares.

Director Kevin John Eley acquired 400,00 shares for $48,000, increasing his stake up to 800,000 shares.

Production from Sillaro is presently at about 1.8 million cubic feet of gas per day (MMcfd) pending installation of a condensate separator.

This will allow production to reach 3MMcfd.

Po Valley had $1.2 million as of 31 December 2012 and a current market capitalisation of $12.23 million.

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