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Radar Iron MD Increases Stake After Securing Of Chinese Funding For Johnstone Range

Radar Iron (ASX: RAD) managing director Jonathan Lea has demonstrated his confidence in the company, increasing his shareholding with the acquisition of a further 30,303 shares on-market.

Lea purchased the shares on 7 June 2012 for a consideration of $10,206, providing an average entry price of around $0.34.

He now holds 380,303 shares and 2 million options in Radar.

The company's progress at the Johnston Range Iron Ore Project has caught the eye of Shinewarm Resources, which has invested $3.3 million in Radar at a premium price through a share placement.

Lea told Proactive Investors last week the funds raised would allow the company to progress the planned resource upgrade and commence mine development.

Radar is targeting around 8 to 10 million tonnes of hematite by the end of the year, with the majority of the funds allocated to drilling to achieve that.

The company is also simultaneously commencing Feasibility Studies with mining set to begin in 2014.

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