Denarius Metals CEO ups stake to 10.1%

Denarius Metals Corp. [DSLV-TSXV, DNRSF-OTCQX] Chairman and CEO Serafino Iacono has increased his stake in the company to 10.1%.

From May 3, 2023, through to the current date, Iacono has acquired via open market purchases, both personally and through his company Brockville International Holdings Corp., ownership of 2.84 million common shares of Denarius for $0.5359 per share.

In addition, as announced in an October 19, 2023, Iacono acquired $2.85 million of senior unsecured convertible debentures due 2028 issued in the first tranche of a private placement offering that closed on that date.

As of May 3, 2023, Iacono owned or exercised control or direction over 3.6 million common shares (representing 5.9% of the company’s issued and outstanding shares), 900,000 stock options and 2.82 million share purchase.

As of the current date, Iacono beneficially owns 6.4 million common shares (representing 10.1% of the company) 900,000 stock options, 2.82 million warrants and $2.85 million worth of debentures.

If he were to exercise all of his stock options, warrants and debentures, he would beneficially control 16.4 million common shares or 22.5% of the issued and outstanding common shares outstanding at the time.

However, Iacono will not exercise such number of warrants or convert such amount of debentures so as to bring his undiluted share position above 19.9% of the company’s issued and outstanding shares without the approval of the TSX Venture Exchange.

Denarius is engaged in the acquisition, exploration, development eventual operation of polymetallic mining projects in high-grade districts. The company owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper-rich Iberian Pyrite belt, one of the largest districts of pyrite-rich massive sulfide deposits in the world.

The company recently released an update on startup activities related to its 100%-owned Zancudo gold-silver project in Colombia and Aguablanca nickel-copper project in Spain.

Denarius is carrying out construction activities at the Zancudo project, which includes the historic producing Independencia mine, affording the company the opportunity to develop near term production and cash flow starting this year through local contract mining and long-term growth via continued exploration at the Zancudo deposit, which remains open in all directions.

In Spain, the company recently acquired a 50% interest in Rio Narcea Recursos S.L., which has the rights to exploit the historic producing Aguablanca nickel-copper mine, including a 5,000 tonnes per day processing plant, located in Monesterio, Extremadura, Spain, approximately 88 kilometres from the company’s 100%-owned Lomero polymetallic project.

The underground mining plan for the Aguablanca mine was approved in August 2023 by the state mining authority. Within the next month, the company expects to begin a detailed assessment of the condition of the existing 5,000 tpd processing facility to determine the extent of the refurbishment program required to process nickel-copper ore from the Aguablanca underground mine.

Denarius shares were priced at 71 cents on Tuesday. The shares trade in a 52-week range of 80 cents and 30.5 cents.