Lotus Resources Ltd non-executive director continues to expand stake with fourth market purchase this week


The company’s key asset is the Kayelekera uranium project in northern Malawi, Africa.

Ltd () (OTCMKTS: LTSRF), non-executive director, Grant Davey, continued to expand his stake in the company with his fourth purchase of shares on the market this week with a total value of over AU $ 213,000.

In his last purchase, on May 5, Davey acquired an additional 250,000 shares valued at A $ 46,250 in indirect interest, bringing the number of securities held in that interest to over 16.148 million.

This follows its May 3 purchase of 303,602 shares valued at AU $ 96,398, on May 4 of 200,000 shares valued at AU $ 30,000 and on May 5 of 246,398 shares valued at AU $ 40,656.

Trading on the OTCQB market

Last week, the company completed its secondary listing on the OTCQB market in the United States with the symbol LTSRF.

The secondary listing on the over-the-counter markets aims to increase the visibility and accessibility of the uranium development company to North American investors.

It will allow potential North American investors to trade and settle during US trading hours in US dollars.

Kayelekera Project

Lotus owns an 85% stake in the Kayelekera uranium project in Malawi which hosts a resource of 37.5 million pounds of U3O8 and historically produced around 11 million pounds of uranium between 2009 and 2014.

The company has completed a positive restart study which has demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to resume production in the future.

Lotus Resources has a market cap of around A $ 175.8million, while today shares rose nearly 11% to 0.205 AUS, a new three-year high.

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