Frankland River Oil Company chairman Paul Letari has acquired more than 382 million shares at a cost of $1.9 million, through his participation in the company’s three-for-one rights issue announced last November. The entitlement offer, which was launched to help the olive oil producer retire debt and fund future operations, closed 30 per cent undersubscribed with Mr Letari appearing to be the only major investor. Mr Letari now has a stake of 509.9 million shares in the company currently worth over $3 million.
Sun Resources non-executive director John Kenny has exercised 11.25 million options to acquire shares at a cost of 0.1 cent each, increasing his stake in the Texan oil and gas explorer to 40.7 million shares. With Sun Resources shares trading at 5.7 cents each, his stake is currently worth $2.3 million.
Coalspur Mines chairman Colin Steyn has spent $8.9 million through his Panama-based investment company Highland Park SA, whose affiliate Borrowdale Park SA exercised 12.7 million options early in the new year to acquire shares in the coal explorer, whose flagship Vista coal project in Alberta, Canada is targeted for first production in 2015. Canada-based Mr Steyn now has a 24.3 per cent stake made up of 153.8 million shares in Coalspur currently worth $119.2 million.