Graphex Mining directors show support for new gold strategy with share purchases

Graphex Mining Ltd (ASX:GPX) directors have demonstrated their faith in the company’s new gold strategy by participating in recent fundraising initiatives, including a placement and an entitlement offer. The non-renounceable entitlement offer and director participation have been approved by shareholders at a general meeting held on July 20. Completion of the entitlement offer provides the green light for the company to change its name to Marvel Gold Limited (ASX:MVL), reflecting its transition to gold explorer. Change of director’s interest Managing director Phil Hoskins purchased a total of 2,602,925 shares in a direct interest and another 3,750,675 in an indirect interest. These purchases increase the total number of direct interest shares to almost 3 million while more 4.232 million are held in the indirect interest. Non-executive chairman Stephen Dennis acquired 200,000 shares in a direct interest and more than 3.073 million in an indirect interest and now holds 400,000 in the former and more than 3.647 million in the latter. Non-executive director Andrew Pardey acquired 2 million shares in a direct interest, marking his first share purchase. Chris van Wijk, an executive director, also made his first purchase of 250,000 shares and this was in a direct interest. The $2.3 million entitlement offer and previous share placement to sophisticated and professional investors have together raised a total of $5 million before costs. Substantial holder lifts stake Substantial holder Capital DI Limited has also increased its stake in the company to 13.95% from 6.06% through participation in the placement, rights issue and subsequent shortfall. The investor based in Mauritius now holds more than 57.692 million shares in Graphex.