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.
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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.
