Two executives of Canadian company Gran Colombia Gold have been buying up shares, the mineral exploration giant announced Thursday.
In the last two weeks Executive Co-Chairman Serafino Iacono bought 540,500 shares on the open market at an average of $0.34 per share.
Iacono now holds 13,749,416 of the company’s shares which represents 3.6% of the issued and outstanding shares.
Iacono is not the only buying up company shares, Augosto Lopez who sits on the Board of Directors bought 586,500 in one day at an average price of $0.35 per share on the open market.
Lopez owns 1,090,250 shares which represents 0.28% of the issued and outstanding shares.
Trading conducted by corporate officers and directors must be publicly disclosed in order to avoid “insider trading,” the term used to describe when trading is done in a way that takes advantage of non-public information.
Some investors believe that corporate insiders may have better insights into the general health of the corporation and that their trades may convey important information.
At the close of trading on Wednesday the value of shares on the Toronto Stock Exchange closed at $0.35 and share value had risen to $0.36 before the close of trading on Thursday.
As well as being the Executive Co-Chairman of Gran Colombia Gold, Iacono holds the same position in energy giant Pacific Rubiales, and until this month in Pacific Coal where he is still a director. Iacono is a director of Alange Energy Corp, Pacific Stratus Energy Ltd, PetroMagdalena Energy Corp, Chaco Resources PLC, Gran Colombia Resources, and Bolivar Gold Corp, he is the Interim President of Medoro Resources Ltd, and is a Consultant of Energentia Resources Ltd.
Iacono co-founded Bolivar Gold Corp, Pacific Stratus Energy, Pacific Rubiales Energy and Gran Colombia Resources.
The other investor Augusto Lopez, along with being a director of Gran Colombia Gold, is also a director for Pacific Rubiales Energy Corp, Energentia Resources, Petro Rubiales Energy Corp, Petroamerica Oil Corp, Medoro Resources, CoalCorp, and beverage company Bavaria SA. Lopez is a managing partner of consulting firm Latino Americana de Consultores de Negocios, held a senior position in airline Avianca and is on the Advisory Board of Pacific Stratus Energy.