Prominent geologist Mark Creasy has purchased 600 million unlisted options in gold explorer Sirius Resources from Apex Minerals.
Prominent geologist Mark Creasy has purchased 600 million unlisted options in gold explorer Sirius Resources from Apex Minerals.
Mr Creasy's Yandal Investments now holds a 75.5 per cent stake in the Balcatta-based company.
"These options were originally issued to Apex in consideration for its interest in the Lawlers nickel joint ventures which were vended into Sirius in a transaction approved by Sirius shareholders on 17th August 2009," the company said in a statement to the Australian Securities Exchange.
The options are valid until August 30 2014 and are exercisable at 3 cents each.
If Mr Creasy exercises these options he will net $18 million.
At the close of trade today Sirius shares had risen 33 per cent to 1.2 cents valuing Mr Creasy's investment at $72,000.
See company statement below:
Sirius Resources (ASX:SIR) advises that its major shareholder, Yandal Investments Pty Ltd (Yandal), an entity associated with prominent Australian prospecting geologist Mr Mark Creasy, has purchased 600 million unlisted SIR options from Apex Minerals NL (Apex) and now owns 75.5% of the total SIR options on issue.
These options were originally issued to Apex in consideration for its interest in the Lawlers nickel joint ventures which were vended into Sirius in a transaction approved by Sirius shareholders on 17th August 2009.
Yandal's current shareholding in Sirius exceeds the takeover threshold of 20% and, consequently, these options cannot be exercised without a relevant exception applying, including obtaining shareholder approval under section 611, item 7 of the Corporations Act. Sirius intends to put the approval of the exercise of these options to its shareholders at an upcoming meeting.
The options are valid until 30th August 2014 and are exercisable at 3 cents each. If exercised, these options would raise A$18 million.
Sirius is pleased that Mr Creasy, who via Yandal holds a 28.65% direct shareholding in Sirius, has purchased the options demonstrating his confidence in the Company's future.
