Myanmar Metals Ltd (ASX:MYL) has outlined that Mark Creasy’s Yandal Investments has converted loans and interest with a combined value of $2,745,000 into Myanmar Metals fully paid ordinary shares.
Myanmar shares have touched a 12-month high today of $0.094, and intra-day are trading 4.6% higher at $0.091.
Yandal Investments now holds circa 16% stake in Myanmar Metals.
The company is focused on the historical Bawdwin Mine which was reputedly one of the richest mines in the British Empire before World War II.
Bawdwin was a world-class mine when in production and occurs in a volcanic complex that has never experienced systematic modern exploration.
John Lamb, chief executive officer and executive chairman for Myanmar Metals commented:
"The conversion of these loans into shares is a clear demonstration of Mark Creasy’s belief in the Bawdwin Project and the value that it holds.
"We are delighted with this outcome and look forward to rewarding Mark’s commitment, and that of all shareholders, by developing Bawdwin into a world class, safe and modern mine."