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Shree Minerals Directors Acquire Shares

Shree Minerals (ASX:SHH) chairman Sanjay Loyalka and non-executive director Rajesh Bothra have acquired shares in the company through its recent rights issued.

Loyalka acquired a further 559,078 shares priced at $0.08 each, bringing his holding up to 26,474,078 shares.

Bothra acquired 12,500,000 as part underwriting of the rights issue, increasing his shareholding through RB Investments Pty Ltd to 30,437,500, or 21.43% in Shree.

Shree has raised $1.6 million through its fully underwritten rights issue for general working capital and meeting ongoing trade creditors including production costs, payments of trade & other payables, corporate administration and operating costs.

It had placed its Nelson Bay River operations in Tasmania on care and maintenance due to fall in iron ore prices.

The company had $2.18 million in cash as of 30 June 2014.

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