After shareholder approval was given at a general meeting on June 14, executive director Anthony Hall purchased 305,556 shares valued at $55,000.
He now holds more than 5.575 million shares in an indirect interest.
Non-executive director Stephen Hunt purchased almost 139,000 shares with a total value of $25,000 and now holds a total of 553,890 shares in indirect interests.
Funds raised in the placement to institutional and sophisticated investors will be used to progress construction-related engineering activities at the Fort Cady Borate Project in California.
The placement at 18 cents per share included one listed option for every two ordinary shares with a strike price of 25 cents and expiring on August 10, 2020.
ABR expects to begin construction-related engineering activities with its preferred contractor shortly and is targeting a start of construction in the December quarter this year on a fully permitted basis, subject to financing.
The company recently delivered a high-purity plus 99.9% pure boric acid crystal with minimal impurities from process optimisation works.
This work was designed to ensure consistent delivery of a technical grade quality boric acid crystal from the project.
After the test work, CEO Michael Schlumpberger said: “Our focus now turns to the completion of detailed engineering and securing the modest financing for the low capital starter project.”