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King River Copper Chairman Anthony Barton Tops Up Shareholding

King River Copper (ASX:KRC) chairman Anthony Barton has further increased his indirect interest in the company, acquiring 319,671 shares in a number of on-market trades.

He acquired 150,000 shares for $2,850 on 17th February and 169,671 shares for $3,334 on 11th February.

Earlier this month, he acquired 580,222 shares for $16,356.

The purchases take Barton's total indirect holding to 18,379,661 shares.

King River Copper is in the process of raising 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 closed at $0.03 on Wednesday from its close of $0.018 on Friday, a rare occurrence following announcement of a rights issue.

The offer is pitched at a 66.7% 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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