BBX Minerals director sells down after share price surge
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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.