Burston had subscribed for 9,166,667 shares priced at $0.03 each, or a total of $275,000, under the company's partially underwritten one for five entitlement offer.
This increased his total shareholding up to 27,779,022.
He also holds 9,166,667 options exercisable at $0.08 and expiring on 31 May 2017.
The entitlement offer had raised $0.9 million, representing a credible takeup rate of 63%.
Together with the $1.2 million placement, the funds will be used to progress a range of alternatives to realise value from its wholly-owned Agbaja iron ore project in Nigeria.
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