News: EMR Emerald Resources Says Mineral Investment Agreement Approved For Okvau Gold Project, page-76

Also, if the Bod SP AVG is lower than yours, or others, it means they purchased them on alot earlier timelines. Shares purchased very early in the EMR story, might have been cheaper, however , carried more risk. This project has been significantly de risked in the last 18 months via DFS, environment license approvals, works commencing for power, road, bridges, financing , and even the last week with the MIA , so In my eyes, the price paid by the BOD for their own holdings, purchased earlier at cheaper prices, further strengthens my faith in my investment.

So, whatever they paid has no relevance at all to me. I would also question your speculation that they avgd 1/3 of the buy price as others though. Especially given they supported the 2018 placement to the tune of $12.2 m at 3c.

The fact that the BOD is so heavily invested with their own money, to a scale ive not seen before, is magnificent.