Giga Metals Chairman Unloads Majority Of Position Following Tesla Rumour Excitement

Never let a good media event go to waste. At least, that’s what some of the executive team over at Giga Metals (TSXV: GIGA) evidently seems to think. After excitement was created last week following the Reuters-sourced rumour that the company would be partnering with Tesla Inc (NASDAQ: TSLA) for the development of its nickel project, it appears that certain insiders of the company have elected to absolutely unload their shares on investors.

Three separate reporting insiders for Giga Metals unloaded the majority of their positions in the company following the excitement created by the rumour, including the firms non-executive chairman of the board. While the news event created selling in and of itself, the month of September has been rife with insider activity for the company.

The months insider activity began for Giga when Leslie Young, corporate secretary of the firm, first exercised 50,000 stock options at a price of $0.10, leaving 75,000 options on the table. After dumping all 50,000 of those in one shot for gross proceeds of $29,920 at a price per share of $0.60 on the same day, she was left with only 2,240 common shares of the issuer. A little over a week later on the day of the rumour, she exercised a further 50,000 $0.10 options, unloading them into the market at $1.47 a share for gross proceeds of $73,250, leaving her remaining position at 25,000 options, along with 2,240 common shares, in addition to a reported 4,140 shares held in an RSP.

Next on the list to take some risk off of their position was that of director Lyle Davis, whom had actually unloaded his common share position of 35,000 shares at a price of $0.66 on August 25. Not wanting to miss the party however, on September 9 he exercised 100,000 of his options at a price of $0.10, which amounts to one third of his options position in Giga Metals. He then proceeded to unload those 100,000 shares through nine separate transactions, at prices ranging from $1.01 to $1.60 per share. All but one of those transactions occurred on September 11, raising total gross proceeds of $124,120 in the process. Davis currently retains 200,000 options of the issuer, along with 300 shares held in an RSP.

These transactions pale in comparison however to those conducted by Anthony Milewski, whom is the non-executive chairman of the board for Giga. Milewski exercised 500,000 options at a price of $0.20 per share on September 14, bringing his total share count to 3,950,000. Then, he proceeded to dump 3.0 million shares on the market at a price per share of $1.86 that same day, for proceeds of $5.5 million. Not entirely satisfied, he then dumped a further 450,000 common shares on the open market at a price of $1.61 on September 16, bringing total gross proceeds to $6,299,790. Milewski retains only 500,000 common shares in the issuer as per filings.

Giga Metals last traded at $1.48 on the TSX Venture.

Information for this briefing was found via Sedar, Sedi and Giga Metals Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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