Business
Southern Cross Gold Directors Materially Increase Shareholdings Following Exercise of Stock Options
Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - April 16, 2026) - Southern Cross Gold Consolidated Ltd (TSX: SXGC) (ASX: SX2) (OTCQX: SX
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":" Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - April 16, 2026) - Southern Cross Gold Consolidated Ltd (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSE: MV3) (\"SXGC\", \"SX2\" or the \"Company\") is pleased to announce that certain directors of the Company have exercised stock options (the \"Option Exercise\") to acquire an aggregate of 7,750,000 shares of the Company, generating total proceeds to the Company of A$5,520,000 and materially increasing each director's direct beneficial shareholding in SXGC. As a result of the Option Exercise, the directors have significantly increased their long-term investment in and commitment to the Company. Following the Option Exercise, the directors collectively hold beneficial ownership of an aggregate of 12,602,438 shares, representing 4.70% of the Company's issued shares on a non-diluted basis. The directors intend to maintain their holdings for long-term investment purposes. Any future acquisitions or dispositions will be reported in Canada in accordance with National Instrument 55-104 and in Australia through the required filings on the Australian Securities Exchange. Separately, Springtide Capital Ltd, a company associated with Darren Morcombe, a significant shareholder of the Company, has exercised 1,500,000 stock options at A$1.20 per share. In addition, Darren Morcombe has acquired a further 950,618 shares through on-market purchases. In aggregate, Darren Morcombe has increased his beneficial shareholding by 2,450,618 shares, bringing his total beneficial shareholding to 31,441,730 shares, representing approximately 11.70% of the Company's issued shares on a non-diluted basis. These transactions further consolidate the Company's strong insider and major shareholder alignment, with directors (12.6 million shares) and major shareholders Darren Morcombe (31.4 million shares), Pierre Lassonde (16.0 million shares) and Kiril Sokoloff (10.9 million shares) collectively holding approximately 26.4% of issued shares, a powerful demonstration of long-term conviction in SXGC's growth trajectory. These shareholdings are held independently, reflecting individual investment decisions made separately by each holder. To fund the exercise price and resulting tax obligations, a small number of shares (1,140,000, representing 14.7% of the total shares acquired) were s...