Strategic Minerals CEO shows confidence with purchase of 4.7m shares

The chief executive of Strategic Minerals bought 4.7m shares in the company which last week was hit by a "misinterpretation" of an annual general meeting statement.

John Peters purchased 4.7m shares for an individual price of 0.5p, spending a total of £23,500.

Following the transaction, Peters holds 5.7m shares in the group, which represent 0.64% of its issued share capital.

Shares in miner Strategic Minerals have been falling since Thursday after investors interpreted an annual general meeting statement as meaning the company urgently needed to take on further projects to continue as a viable business.

Peters said at the time that despite corporate overheads being slashed 60% in the second half, the core Cobre iron ore project in New Mexico remained profitable but was "not sufficient to cover the company's total corporate overheads, which makes the addition of other projects imperative".

A spokeswoman for the company said Peters' enthusiastic statement had been "misinterpreted" as, although the statement does state that the new acquisitions are imperative and that Cobre doesn’t cover group overheads, "the company has made great headway in 2015".

Shares were down 8.89% to 0.4p on Monday at 15:07.

Read more: Strategic Minerals slides on "misinterpretation" of AGM statement

Top Director Buys

Strategic Minerals (SML)
Director name: Mr John Peters
Amount purchased: 4,700,000 @ 0.50p
Value: £23,500

Metal Tiger (MTR)
Director name: Mr Paul Johnson
Amount purchased: 1,500,000 @ 0.97p
Value: £14,550

JPMorgan Euro Small Co. Trust (JESC)
Director name: Mr Nicholas Smith
Amount purchased: 5,000 @ 240.18p
Value: £12,009

Top Director Sells

Telford Homes (TEF)
Director name: Mr John Fitzgerald
Amount sold: 100,000 @ 427.00p
Value: £427,000