Kingfisher (LON:KGF) Mining Ltd (ASX:KFM) has raised $4.25 million after completing the placement of 10 million new shares at an issue price of $0.425 per share.
A loyalty option offer to all shareholders after the issue of the placement shares will also soon be finalised, whereby one new loyalty option for every five shares held at the record date at a grant price of $0.005 per new loyalty option will be offered.
These loyalty options will be exercisable at $0.70 on or before May 30, 2025. KFM will seek to have the loyalty options listed on the ASX.
Funds from the raise will be used for ongoing exploration including:
- additional drilling at the Mick Well and MW2 discoveries;
- extension of the high-resolution airborne geophysical surveys; and
- expansion of the ground-based target generation work along KFM’s 54-kilometre target corridor.
Read: Kingfisher Mining raises $4.25 million to accelerate exploration at high-grade REE discovery; shares up
About Kingfisher Mining
Kingfisher is focused on the acquisition, exploration and development of mineral resource projects throughout Western Australia. Its tenements and tenement applications cover 1,676 square kilometres in the underexplored Ashburton and Gascoyne Mineral Fields.
The company has made a breakthrough high-grade rare earth elements discovery in the Gascoyne region where it holds a target strike length of more than 50 kilometres along the mineralised corridor and has secured significant landholdings across the interpreted extensions to its advanced copper-gold exploration targets giving it more than 30 kilometres of strike across the Boolaloo Project target geology.