Great Boulder Resources directors demonstrate faith in gold strategy through rights issue participation

Great Boulder Resources Ltd (ASX:GBR) directors have shown their confidence in the company’s gold strategy by participating in the recent rights issue. The company completed its non-renounceable entitelement offer of 1 share for every 6 shares held by eligible shareholders at an issue price of 4.3 cents per new share on September 11. Great Boulder received applications for shares valued at more than $1.236 million and received oversubscriptions to the tune of almost $280,000. Change of director’s interests Managing director Andrew Paterson acquired 33,227 shares in a direct interest on September 16, increasing the total number of securities held to 232,589. Non-executive chairman Greg Hall purchased 233,333 shares in an indirect interest, increasing the total number of securities held to more than 1.633 million. Proceeds to fund exploration Funds raised will be used for an aggressive exploration program focused on the company’s gold projects at Side Well and Whiteheads, including: An initial 2,000-3,000 metres RC program extending known gold hits at the Mulga Bill prospect; An aircore program to be drilled as soon as possible after the RC, infilling the 400-metre gaps in drill coverage at Mulga Bill; Additional aircore drilling to extend targets at Whiteheads, including the Blue Poles prospect at Arsenal;  A large-scale soil sampling program over Mulga Bill, as well as sub-cropping areas along the east side and northern end of the Side Well project; and Follow-up RC and aircore drilling at Side Well and Whiteheads following results of these initial programs.