This tells the banks we won't be selling cheap28 Oct 2019 09:25
Commenting on the exercise, Christian Schaffalitzky, Chairman, added: "With the recent share price increase a number of shareholders have indicated they wish to exercise their warrants and hold these shares long term. We are grateful to them and likewise the Directors have indicated they are holding their 22% in the Company on a long-term basis. As the Company prepares for a significant increase in production at the West Kytlim mine next year, the funds from our operations and from the warrants will be used to prepare for mining at the second site and to upgrade our wholly owned equipment, now that we are no longer using a sub-contractor and enjoy 100% of the margin as opposed to 30-35% previously. We, the Directors, therefore believe the Company is in a strong financial position going forward".