Georgian Mining Corporation (LON: GEO) have announced today that it was notified today that on 16 November 2018, Mr Michael Struthers, Chief Executive Officer of the Company, purchased 350,000 ordinary shares of no par value in the share capital of the Company, Mr Gregory Kuenzel, Finance Director of the Company, purchased 250,000 Ordinary Shares, Mr Neil O’Brien, Non-Executive Chairman of the Company, purchased 250,000 Ordinary Shares, Mr Laurence Mutch, Non-Executive Director of the Company, purchased 150,000 Ordinary Shares and Mr Peter Damouni, Non-Executive Director of the Company, purchased 220,000 Ordinary Shares. The Ordinary Shares have been purchased at a price of 6.5 pence per Ordinary Share.
Following this purchase, Mr Michael Struther’s total beneficial ownership in the Company is 350,000 Ordinary Shares representing 0.30% of the Company’s issued share capital, Mr Gregory Kuenzel’s total beneficial ownership in the Company is 597,467 Ordinary Shares representing 0.52% of the Company’s issued share capital, Mr Neil O’Brien’s total beneficial ownership in the Company is 1,650,000 Ordinary Shares representing 1.44% of the Company’s issued share capital, Mr Laurence Mutch’s total beneficial ownership in the Company is 150,000 Ordinary Shares representing 0.13% of the Company’s issued share capital, Mr Peter Damouni’s total beneficial ownership in the Company is 407,500 Ordinary Shares representing 0.36% of the Company’s issued share capital.
Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi concession covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which will advance to Feasibility Study in 2018. These projects are proximal to existing mining operations owned by the Company’s joint venture partner, and their sister production company. Georgia has an established mining code and is a jurisdiction open to foreign direct investment.
