Manas Resources (ASX: MSR) directors have demonstrated their confidence, subscribing for their full entitlements in its non-renounceable entitlement issue to progress development of its Shambesai Gold Project in the Kyrgyz Republic.
Managing director Stephen Ross acquired 912,417 shares for $36,496.68, increasing his total shareholding to 2,737,251 shares.
Chairman Robert Scott acquired 125,000 shares for $5,000, increasing his shareholding to 375,000 shares.
Non-executive director Colin Carson acquired 550,000 shares for $22,000, increasing his holding up to 1,650,001 shares while Mark Calderwood purchased 286,668 shares for $11,466.72 bringing his shareholding up to 385,001 shares.
Proceeds from the entitlement issue will be used for pre-development and development costs including:
- Completion of the OVOS (the Kyrgyz Republic equivalent of the Environmental and Social Impact Assessment;
- Detailed plant design and engineering studies;
- Completion of permitting;
- Land acquisition, government and community relations expenses;
- Commencement of site works;
- Project finance costs; and
- Working capital.
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