Havilah Resources directors show confidence in company with SPP participation

Havilah Resources Ltd (ASX:HAV) (FRA:FWL) directors have shown confidence in the company’s multi-commodity strategy focused on northeast South Australia by participating in a $2.72 million oversubscribed share purchase plan. Non-executive director Victor Previn, technical director Chris Giles and chairman Simon Gray all participated in the strongly supported SPP with shares purchased on December 15. Director purchases Previn acquired 176,469 shares in the offer valued at $30,000 in an indirect interest. This increased the total number of securities held in that interest to 2,375,122 with another 76,500 held in a separate indirect interest. Giles acquired 88,235 fully paid ordinary shares with a total value of $15,000 and now holds 42,033,909 shares in direct and indirect interests. Gray spent $10,000 to acquire 58,823 securities, increasing the number of shares held in an indirect interest to 158,823. SPP oversubscribed The SPP closed on December 4, 2020, with applications received for $2.72 million, exceeding the target of $2 million. Havilah’s board determined that all oversubscriptions would be accepted and with no scaling back of allocations. Together with the previous oversubscribed placement of $2.55 million, Havilah has raised $5.27 million, which puts it in a well-funded position to carry out its planned work programs over the next 12 months. “Highlights confidence” At the time, Gray said: “This is a very pleasing outcome following on from the oversubscribed placement and we thank all those shareholders who participated and supported the SPP. “It highlights shareholders’ confidence in Havilah’s mineral projects and its proposed strategy going forward. “Havilah has an exciting program of work planned to realise value in its projects and this funding gives it the confidence and ability to proceed with executing this work program over the next 12 months.” Gold starter priority A priority task is evaluating the feasibility of the West Kalkaroo gold starter open pit, and completing all required permitting, with the objective of beginning mining development activities during 2021, if feasible. The company also plans to advance work on its other highly prospective projects in northeast South Australia, in proximity to the mining centre of Broken Hill.