LONDON (Alliance News) - Strategic Minerals PLC Monday said Managing Director John Peters bought 4.7 million shares at a price of 0.50 pence per share Friday.
Following this transaction, Peters has a beneficial interest in 5.7 million shares in the company, representing 0.64% of the company's issued share capital.
Strategic Minerals shares fell on Thursday despite management stating an announcement made earlier in the day had been "misinterpreted" and stressed the company is "progressing well" and "well balanced".
On Thursday morning, the company said it planned on buying more projects, describing it as "imperative" as the Cobre mine in New Mexico was not sufficient to cover its overheads. Managing Director John Peters said that while the Cobre mine remained profitable, it was not sufficient to meet its corporate overheads.
Then in a later statement Thursday afternoon, Peters said: "Unfortunately we believe the statement made earlier today has been misinterpreted, and I would like to reaffirm to all shareholders the current position of the company, which the board and I feel is highly encouraging and positive."
Shares in the UK-based mineral exploration and development company were down 3.8% at 0.433p Monday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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Strategic Minerals (SML)