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MIDAS MINERALS LTD — Director's Dealing 2023
Jun 25, 2023
65345_rns_2023-06-25_1856d5d8-174c-4625-8e85-1efc01933cd5.pdf
Director's Dealing
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ASX / MEDIA ANNOUNCEMENT 26 June 2023
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CIRCUMSTANCES OF SHARE TRADING BY MR CALDERWOOD
Midas Minerals Ltd (“Midas”, or “the Company”) ( ASX: MM1 ) refers to the previous Appendix 3Y lodged with ASX in respect of Mr Mark Calderwood (Managing Director) dated 15 June 2023 ( Previous Appendix 3Y ) which recorded:
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(a) on 9 June 2023, the sale of 50,000 fully paid ordinary shares in the capital of the Company ( Shares ) by Kru Investments Pty Ltd ( Kru ) (being an entity controlled by Ms Delphine Faith Calderwood, spouse of Mr Mark Calderwood) on-market at an average price of $0.195 per Share; and
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(b) on 14 June 2023, the acquisition by Mr Calderwood (as trustee for the Calderwood Family Trust) of 50,000 Shares on-market at an average price of $0.2275 per Share.
The purpose of this announcement is to clarify the circumstances surrounding the above events as follows:
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(a) Mr Calderwood and Ms Calderwood have been separated since in or around July 2022;
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(b) Ms Calderwood is the sole director, shareholder and controller of Kru and Mr Calderwood does not have the capacity to influence the financial management decisions of Kru;
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(c) the sale by Kru of 50,000 Shares was undertaken on 9 June 2023 without the prior knowledge or consent of Mr Calderwood;
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(d) the subsequent acquisition by Mr Calderwood (as trustee for the Calderwood Family Trust) of 50,000 Shares on 15 June 2023 was undertaken at a higher price than the price at which Shares were sold by Kru on 9 June 2023 and after the release of the Company’s market sensitive announcement dated 14 June 2023; and
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(e) accordingly, the Company does not at present consider that any action is required under its share trading policy ( Policy ) in light of the above circumstances, including on the basis that:
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(i) neither Ms Calderwood or Kru were in possession of any Inside Information (as defined in the Policy) at the time Shares were disposed by Kru on 9 June 2023;
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(ii) Mr Calderwood was not in possession of any Inside Information at the time Shares were acquired by Mr Calderwood (as trustee for the Calderwood Family Trust) on 15 June 2023; and
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(iii) the net effect of the above Share trading is that Mr Calderwood has paid a higher price to restore his relevant interest in Shares to the same level as he would otherwise have had if the sale by Kru of Shares on 9 June 2023 had never taken place (not to achieve any untoward commercial advantage).
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The Company will shortly release a correction letter in respect of certain other aspects of the Previous Appendix 3Y, together with a new Appendix 3Y in respect of Mr Calderwood dated on or about today’s date.
The Board of Midas Minerals Ltd authorised this release.
Midas Minerals Limited | Level 2, 8 Richardson Street, West Perth WA 6005 P: +61 8 6383 6595 | E: [email protected] www.midasminerals.com
For more information:
Mark Calderwood
Nathan Ryan
Managing Director Media / Investor Relations