Kingston Resources Ltd (ASX:KSN) has raised $4.66 million via a fully underwritten retail entitlement offer, which was fully underwritten by Delphi Unternehmensberatung Akteingesellschaft, an existing major shareholder and sophisticated investor.
The company opened the raise on April 2, 2024, and closed it on May 8, 2024.
Shares will be issued on Wednesday, May 15, 2024.
The closure of the entitlement offer comes after the company raised $8.8 million by way of an $8.1 million private placement and a $730,000 accelerated institutional component.
Use of funds
The money raised will go to the transition to open pit mining at the Pearse Gold Mine at the Mineral Hill Project in central NSW as well as underground resource development drilling, processing plant commissioning and general working capital.
Last week Kingston upgraded the open pit mineral resource estimate at the Pearse North deposit.
The updated mineral resource estimate (MRE) now stands at 292,000 tonnes, grading 3.2 g/t gold and 34 g/t silver, which translates to 30,000 ounces of gold and 318,000 ounces of silver.
This represents an increase of 30% for gold and 67% for silver compared to the 2022 estimates.
Indicative timetable
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