Coppermoly executive director ups stake in the company by $2000

Coppermoly (ASX: COY) executive director and company secretary Maurice Gannon has increased his direct stake in the company.

Gannon bought 31,250 shares on-market at a price of $0.064 per share for a consideration of $2,000.

He now holds a total of 601,250 shares with a current market value of $39,682.50.

This comes just a week after Coppermoly completed a private placement that raised $523,000 to fund the minimum expenditure commitment for the company’s farm in to the Esk Trough Copper-Gold Project in South East Queensland.

Coppermoly has the right to earn a 51% interest in Esk Trough from ActivEX (ASX: AIV) by funding $3 million worth of exploration over three years.

The company has the option to increase its interest to 70% by sole funding an additional $3 million of expenditure, which will then give ActivEX the option to earn back a 10% interest by sole funding $6 million of exploration expenditure.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21666/coppermoly-executive-director-ups-stake-in-the-company-by-2000-21666.html