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Director dealings: Chaarat CEO sells shares ahead of major developments

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Director dealings: Chaarat CEO sells shares ahead of major developments

Tue, 13 June 2017
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Director dealings: Chaarat CEO sells shares ahead of major developments

(ShareCast News) - Chaarat Gold chief executive Dekel Golan sold more than a quarter of his shares in the explorer as it conducts an intensive drilling programme and prepares to build its first mine in the Kyrgyz Republic.
Golan's Mada Limited vehicle sold 4m ordinary shares at a price of 19.225p per share, representing the average of the closing price for the last five trading days, which allowed him to pocket whatever was left from £769,000 after broking costs.

Following this sale, Golan owned 10.3m shares, representing roughly 2.92% of Chaarat's total issued shares.

Chairman Martin Andersson said Golan had told the board he needed to sell the shares "for personal reasons".

He noted the sale represented 10 times the company's average monthly trading volume for the last year.

"We were pleased to be able to place these shares so quickly due to the demand for Chaarat shares which can often be difficult to meet through trading on the market. I am delighted to welcome new shareholders to Chaarat's register."

On 1 June, Chaarat announced results where Andersson said the company's main focus was on the engineering work to underpin the construction and arranging the financial package for the project, with staff already being recruited for the engineering and construction of the mine on what he said was a "tight but achievable timeline".

After the summer's drilling campaign is completed, the crucial Bankable Feasibility Study, which is necessary to generate project financing, is expected in the first quarter of 2018.

Said Golan: "The board remains convinced that the decision to proceed to production from the Chaarat Project by means of the stage one Tulkubash Heap Leach Project is the best way to unlock the value of the Chaarat deposit. Work is progressing on the Feasibility Study which is substantially complete subject to the results of this summer's drilling. The local permitting process is well advanced.

"We were very pleased with the reaction to the Kyrgyz Investment Forum and look forward to being one of the next mines in production in the Kyrgyz Republic."



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Director name: Golan,Dekel
Amount sold: 4,000,000 @ 19.23p
Value: £768,999.99

Allied Minds (ALM)
Director name: Turner,Michael
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3i Group (III)
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Brunner Inv Trust (BUT)
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Wood Group (john) (WG.)
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Value: £90,975.56

Private & Commercial Finance Group (PCF)
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Amount sold: 92,500 @ 24.01p
Value: £22,209.25