The De Grey Mining Limited (ASX: DEG) share price has fallen 13.84% to 68 cents per share in today’s trade, putting its share price losses at 18.07% since Friday morning.
This drop follows a general meeting held on Friday 10 July, where a capital raising carried out by the company in May was approved. Also approved were resolutions related to director pay and the granting of zero price options to directors. The company also announced an extension to the Brolga deposit at its Hemi prospect.
What were the resolutions approved by DeGrey shareholders?
The first 3 resolutions put to shareholders were related to the issue of 92,196,430 shares at an issue price of $0.28 cents, which had already been carried out in May. This was approved by shareholders.
Resolutions 4 and 5 involved changes to the company’s constitution to increase aggregate non-executive director’s pay from $250,000 to $700,000. These resolutions passed.
The 6th resolution related to granting performance rights to director, Mr Glenn Jardine and resolutions 7 to 11 were related to granting $414,000 worth of zero price options to the company’s directors. These resolutions were also passed by shareholders.
What else was announced?
On Friday morning, the company also announced that it had confirmed a further extension of the Brolga deposit at the company’s Hemi prospect. The results from drilling included 16 metres at 2.4 grams per tonne of gold. The Southern extension at Brolga is currently around 1,000 metres long by 200 metres wide.
How has the De Grey Mining share price performed lately?
De Grey Mining is a Western Australian-based miner that conducts exploration and production of gold and base metals. Its primary focus is currently the Mallina gold project, which includes the Hemi prospect. The project currently contains 2.2 million ounces of gold with De Grey’s goal being to build the project to 3 million ounces.
According to the company, its Hemi prospect has the potential to demonstrate tier one gold production potential. This prospect was identified in June 2019 with its first discovery made in December 2019. It contains the company’s Aquila, Brolga and Crow deposits.
The De Grey Mining share price is up 1,643.59% from its 52-week low of $0.039 cents. It has risen 1,260% since the beginning of the year and is up 750% since this time last year.
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More reading
- Why the De Grey share price rocketed more than 107% in June
- De Grey Mining share price plunges 5% despite announcing “excellent” gold recoveries
- Why De Grey, Resolute, Suncorp, & Webjet shares are dropping lower
- Why De Grey, Fisher & Paykel Healthcare, Perseus, & PolyNovo shares are charging higher
- $10,000 invested in De Grey Mining shares in January would be worth $165,000 today
Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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