African Energy Resources (ASX: AFR) executive chairman Alasdair Cooke acquired 200,000 shares on market at $0.281 per share on 29 and 30 November .
The shares were purchased for a consideration of $56,302 and Cooke now holds 11,281,389 ordinary shares.
On November 21 African Energy Resources was rated a speculative buy by Helmsec Global Securities, based on the company’s large near-surface Sese coal project, which has been valued at $1 per share.
In September, results from a Concept Study confirmed the technical and commercial viability of the project, with robust cash flows and strong operating margins a possibility.
A 2.7 billion tonne coal resource has been identified at Sese, with a Feasibility Study for initial development underway.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22974/african-energy-resources-chairman-tops-up-shareholding-22974.html
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