The same day BBX Minerals was reinstated to trading — and its shares shot up almost 80 per cent — one of the company’s directors offloaded some of his stake in the junior gold explorer.
BBX (ASX:BBX) was reinstated to trading on January 10 after being suspended for nearly five months.
The shares rocketed to an intra-day high of 36c — up from 20c, the price it last traded in mid-August.
BBX shares were down 10 per cent at 18c not long after market open on Tuesday morning.
A change of director’s interest notice filed with the ASX on Monday and dated January 10 shows that non-executive director William Dix sold 300,000 shares on market for nearly 32c per share, netting him over $95,000.
BBX went into a trading halt in August after it was asked by the ASX to clarify an announcement it made regarding “spectacular gold extraction” results from its Ema project in Brazil.
The announcement claimed initial test work yielded extremely high grades of 299.3 grams per tonne (g/t) of gold and 1971.6 g/t silver.
The ASX questioned BBX over the methods used to come up with those results. The company previously refused to comment on the matter.
BBX was reinstated to the ASX after releasing a replacement announcement of results from follow-up testing on bulk samples that showed grades of 68.2 g/t of gold and 2099.4 g/t of silver, including 122 g/t of gold from a single bulk sample.
The results were delivered using the same process that was used to produce the August 14 results.
Stockhead is seeking comment from Mr Dix.
share
Link copied to clipboard
SUBSCRIBE
Get the latest Stockhead news delivered free to your inbox.
It's free. Unsubscribe whenever you want.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
Get the latest Stockhead news delivered free to your inbox
For investors, getting access to the right information is critical.
Stockhead’s daily newsletters make things simple: Markets coverage, company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day.
Markets coverage, company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day.
It’s free. Unsubscribe anytime.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
I want the news:
Hear it first
Get the latest Stockhead news delivered free to your inbox.
Thanks! You’re subscribed, Stockhead news is coming your way soon.