Kin Mining NL (ASX:KIN) has completed a capital raising of $13.7 million with a $4 million non-renounceable rights issue, undertaken on the basis of 1 new share for every 7 shares held at $0.075 per new share, to be issued on September 14.
The company received valid acceptances for 52,487,569 new shares ($3.937 million), with a shortfall remaining of 89,802,995 shares and retains the right to place the shortfall on no worse terms in the three months following completion of the offer.
Kin Mining directors were particularly encouraged by continued support from the company’s major shareholder, the Delphi Group, which applied for 45,541,651 shares (representing 87% of the total or $3.416 million).
“Maintain exploration momentum”
“I would like to thank shareholders who participated in the rights issue and particularly the Delphi Group for their continued support, which is greatly appreciated," managing director Andrew Munckton said.
“The funds raised will enable us to maintain significant exploration momentum across the Cardinia Gold Project, where our systematic and multi-pronged approach to exploration and resource growth continues to pay dividends as well as provide funding for the identification and assessment of opportunities in the Leonora district to strengthen and enhance both our resource base and potential development opportunities.
“The Phase 6 exploration program that will commence immediately, will start with aircore drilling at Murrin and then be followed by further resource drilling across the Cardinia Eastern Corridor, while we continue our efforts to identify other opportunities in the Leonora district.
“With a mineral resource estimate update on track for release later this month, shareholders can look forward to strong news flow in the coming weeks and months.”
Once the rights issue has been completed, KIN will hold about $13.7 million in cash before costs, including a successful placement of $9.7 million completed in August.
Read: Kin Mining to raise $20.4M ahead of drilling and JORC upgrade