Marmota chairman Colin Rose has awarded one million of his personal shares in the company to three employees, claiming that the junior is in “its strongest financial position in years”.
Glenelg-based Marmota has enjoyed a string of successes at its Aurora Tank gold exploration project in South Australia, with results from recent assays returning up to eight metres at 16 grams per tonne of gold.
“That success is not just luck – it is due to the hard work of our board and the hard work of our employees,” Rose said.
According to Rose, some of Marmota’s employees have no shares in the company.
“One of the reasons for making this gift is because I would like to see our employees enjoy and share in the fruits of the company, and in its future growth,” he said.
“To that end, I note that the company is expecting the first detailed one metre assays from the January 2020 drilling program at Aurora Tank in around two to three weeks.”
Rose purchased all shares that he will be giving to employees, holding just over 93 million ordinary shares before giving away the one million.