Kolar Gold's non-exec director Coe gets shares
Bangalore focused Kolar Gold (LON:KGLD) revealed today that non-executive director Steve Coe now owns 0.04 per cent of the firm.
In a statement today, the company said it issued 44,700 shares at 7 pence each to Coe to satisfy half the salary owed to Coe for his non-exec director role from February 8 to October 30 this year.
This number of shares was determined by either the placing price for months before July 2011 or the volume weighted average price of the company's shares at the end of each month.
Coe now holds 44,777 shares in Kolar Gold - or 0.04 per cent of its share capital.
The firm was established 1997 to secure and revive the Kolar Gold Fields operated by Bharat Gold Mines LTD in joint venture with the local workforce.
On Tuesday this week, the firm unveiled some promising drilling results from the Chigargunta Eastern Lodes on the South Kolar licence area.
The company targeted the northern extension of the Eastern Lodes. The best hole, KCE 01, returned a 0.5 metre section at 4.9 grams per tonne of the precious metal from 41.55 metres and 1 metre at 3.36 grams from 43.55 metres.
Narrow, high grade intercepts within a broad low grade intersection were found in hole KCE 02, the company added.
The group has now drilled 25 holes for a total of 3,545 metres of the current South Kolar drilling programme.
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