The Canadian focused gold developer announced that its board and senior management have exercised 2.91 million options that were granted April 8 and May 14, 2014, raising C$1,014,000.
The company is advancing its Madsen project in the prolific Red Lake district, located in northwestern Ontario.
"The recent acquisition of shares is a strong testament to the positive fundamentals of the Madsen Red Lake gold project and alignment of the board and management with all shareholders," noted the company in a release.
The company said that over the last 60 days, directors and senior management of the company have acquired and held 3,094,500 shares through option exercises and acquisitions in the public market.
The Madsen project is centred around a historical mine, which produced 2.5 million ounces of gold at an average grade of 9.7 g/t (grams per tonne) gold between 1938 and 1976 and again from 1997 to 1999.
Shares of Pure Gold were at C$0.57 on Monday.
Contact Katie Lewis at [email protected]