Michael Fotios got in LTR at 3.8c, now its 6.9c.
Time for HOR to rise.
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Canny Fotios picks up Liontown stake
Kate Emery
March 29, 2012, 10:42 am
Michael Fotios is making a case for himself as one of the busiest investors in WA’s junior resources sector right now.
As revealed by this column Mr Fotios, whose Investmet syndicate has made a mint backing gold success story Northern Star Resources, has been working on a proposal to revive the historic Davyhurst and Mt Ida gold mines. The mines have been on care and maintenance since the collapse of Michael Kiernan’s Monarch Gold in mid-2008.
While that deal has yet to be finalised (watch this space), Mr Fotios has also popped up backing WA copper explorers Horseshoe Metals and Pegasus Metals.
Now it is understood companies associated with Mr Fotios are behind a swoop on Liontown Resources, a low-profile Tanzanian-focused gold explorer backed by some interesting Perth players.
Liontown shares much of its board with fellow African gold player Chalice Gold, which is in the process of selling off its Eritrean project and using its $100 million war chest to hunt for new targets.
Liontown chairman Tim Goyder, chief executive Doug Jones and non-executive director Tony Kiernan all sit on the Chalice board. Craig Williams, the well-regarded former boss of Equinox Minerals, is also on board as a non-executive director, so the junior is not wanting for African experience.
Liontown reported earlier this month it had raised $1.14 million by placing 30 million shares at 3.8¢ apiece, at the time representing a 9 per cent premium to market and about a 10 per cent stake in the company. What it did not report is that Mr Fotios and associates were behind the placement.
Liontown’s flagship asset is the Jubilee Reef project in northern Tanzania, about 850km west-northwest of Dar es Salaam in the Lake Victoria Goldfield. The region hosts African Barrick’s Bulyanhulu mine and AngloGold Ashanti’s Geita mine.
Liontown, earning a 75 per cent interest in the project, is scheduled to kick off a drilling program next month.
Mr Fotios et al will be hoping Liontown could prove to be as canny as an investment as Northern Star, which it bought into at 1.2¢ a share in 2009, offloading a chunk of shares earlier this year at close to 90¢. Liontown shares were at 5¢ yesterday, down 0.5¢ for the day.
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http://au.news.yahoo.com/thewest/opinion/post/-/blog/13296659/canny-fotios-picks-up-liontown-stake/
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