Indago director spends $2m on shares

Indago Resources director Tim Kestell has spent more than $2 million subscribing to a shortfall of shares in the company's recent capital raising.

In a notice to the Australian Securities Exchange, Mr Kestell showed he had bought 8 million ordinary shares, at 25 cents each, and 4 million options that are exercisable at 35c each and with an expire date of October 31 2014.

In total, Mr Kestell spent $2.04 million on the transaction, which was part of a deal with Indago to underwrite the $9.5 million rights issue.

Shares in Indago closed down 0.5c to 25c today.