JOHANNESBURG (miningweekly.com) – Promoting its growth and development strategy for the advancement of its Leonora gold project, in Western Australia, ASX-listed junior Kin Mining on Monday completed an oversubscribed share placement to raise $1.68-million for the project.
About 12-million shares would be issued by June 3 at 14c to sophisticated and professional investors. These shares would be issued on the same terms as the existing fully paid ordinary shares in the company, and would rank equally with the ordinary shares.
Kin Mining MD Trevor Dixon said on Monday that the company was grateful for the overwhelming support of the investor community in terms of the placement, adding that it was testament to the quality of Kin’s projects and the company’s development strategy.
“We have a strong and dedicated group of people who now have financial backing to drive forward with developing these projects and propelling the company to deliver its objectives in becoming a sustainable mining company,” he said.
Having assessed a number of funding proposals, Kin’s board believed it was time to introduce additional sophisticated and professional investors, with one cornerstone investor group taking an 11.7% stake in the company.
The board had agreed to pay a fee equivalent to 6% to assist Kin with the share placement.