- Los Cerros’ (LCL) largest shareholder increases its hold in the company ahead of schedule
- The company Lizeng, owned by LCL’s largest shareholder Dr Minlu Fu, has been issued 12.5 million ordinary shares for $1.25 million
- The options were due to expire on April 6, 2022 but have been exercised 10 months early
- Dr Minlu Fu became LCL’s largest shareholder after supporting a capital raise at the start of 2020, bringing his interest in the company to around 10.3 per cent
- Shares last traded 2.9 per cent lower at 17 cents apiece
Los Cerros’ (LCL) largest shareholder has increased its hold in the company ahead of schedule.
Following the issue of 12.5 million options at ten cents each, Lizeng has been issued 12.5 million ordinary shares in Los Cerros for $1.25 million.
Lizeng is a company owned by geologist Dr Minlu Fu, Los Cerros’ largest shareholder.
The deal comes around ten months early, as the options were due to expire on April 6, 2022.
Today’s news follows the company’s announcement last week of further gold results from the Tesorito South gold porphyry in Columbia, with some of the best surface results reaching up to 3.31 grams of gold per tonne.
Dr Minlu Fu became LCL’s largest shareholder following a capital placement at the start of 2020 which brought his interest in the company to approximately 10.3 per cent.
In a statement released in April 2020, Los Cerros’ Managing Director Jason Stribinskis said Dr Fu’s geological and geophysical expertise would be invaluable to Los Cerros as the company sought to improve drill targeting at the Chuscal and Tesorito projects.
Today, the company said it welcomes Dr Fu’s ongoing support and considers the additional investment a strong endorsement of the company’s progress and future prospects.
Shares last traded 2.9 per cent lower at 17 cents apiece.