Native Mineral Resources Holdings (ASX:NMR) received a second installment of AU$2.26 million from Wes Maas, the Chief Executive and Managing Director of MAAS Group Holdings (ASX: MGH), according to a Monday Australian bourse filing.
Under the terms of Native Mineral's nonrenounceable entitlement offer, Maas subscribed for a total of AU$6.8 million in shares across three installments.
Upon completion of his full investment, Maas will hold a 19.25% stake in the firm.
The investment formed part of the residual shortfall from the entitlement offer, which saw a total of AU$15.9 million raised.
Shares of Native Mineral Resources plunged 14% in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.