30/10/2017 - 14:44

Creasy takes equity in Myanmar Metals

30/10/2017 - 14:44

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Mark Creasy has emerged as a substantial shareholder of Myanmar Metals as the explorer continues to recover after a troubled year.

Creasy takes equity in Myanmar Metals
Mark Creasy is one of the state's best known prospectors. Photo: Attila Csaszar

Mark Creasy has emerged as a substantial shareholder of Myanmar Metals as the explorer continues to recover after a troubled year.

Myanmar today revealed Mr Creasy’s Yandal Investments had converted loans worth $2.7 million into a 16 per cent equity in the Perth-based miner.

The company is seeking to develop the Baldwin lead, zinc, silver and copper lease in Myanmar.

Myanmar Metals chief executive and chairman John Lamb said the move was a clear demonstration of Mr Creasy’s belief in the value of the Baldwin project.

“We are delighted with this outcome,” Mr Lamb said.  

The company is now debt free.

Myanmar Metals has had an eventful 2017, with a name change from Top End, a move of headquarters from Melbourne to Perth, a new chairman and two new directors.

Following the appointment of the new board, it was revealed the company held just $17,955 in cash, despite having raised $2.7 million just seven months earlier.

Shares in Myanmar Metals closed today at 9 cents, up 3.4% over the day.

 

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