Continental Coal director buys 250,000 shares on-market
Continental Coal (ASX: CCC) executive director Jason Brewer has boosted his indirect stake in the company with an on-market trade.
Brewer bought 250,000 shares for a consideration of $11,121, for an average entry price of around $0.04.
Brewer now has an indirect interest of 1.2 million shares, and 50 million unlisted director options exercisable at $0.075 on or before 31 December 2013.
Continental Coal's story is very interesting as the company continues to move operations forward quickly in South Africa, highlighted by the decision earlier in the month to accelerate payments of an option to acquire the outstanding 35.9% minority interests in Mashala Resources.
Mashala also includes the underlying Ferreira Export Thermal Coal Mine, Delta Processing Operations and Penumbra and De Wittekrans Export Thermal Coal Projects.
Continental said the acquisition will improve operating efficiencies and simplify operating and reporting procedures, along with greater cash flows.
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