03/09/2009 - 00:00

Directors Interest

03/09/2009 - 00:00


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Directors of coal producer, Bathurst Resources, have been increasing their shareholdings over the past few months.

During June and July, the company raised $1.7 million through a placement of shares and a share purchase plan to provide ongoing working capital as well as to support ground acquisition.

The company also took the opportunity to restructure some of its debt position converting director's loans to equity. Managing director Hamish Bohannan bought 4.8 million shares in two tranches at a cost of $240,000, from the conversion of a loan to equity and the forgiveness of debt.

Executive director Billy Ray Shelton boosted his stake by 14.4 million shares in three tranches at a cost of $720,000. The first two tranches were received in settlement for the conversion of a loan and for the forgiveness of debt while the final tranche was acquired via the share placement.

Director Charles Griffith spent $40,000 buying 800,000 shares, the first 600,000 via the share placement and the remaining 200,000 for the forgiveness of debt.


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