Kin raises cash for Leonora studies
PERTH (miningweekly.com) – ASX-listed junior Kin Mining plans to raise A$3-million to fund the prefeasibility study (PFS) of its Leonora gold project, in Western Australia.
Kin on Tuesday announced that it would raise an initial A$1-million through the issue of up to 10-million new shares at a price of 10c each. The placement would be made to sophisticated and professional investors.
The placement would be conducted under the company’s 15% placement capacity, and would not require shareholder approval.
In addition to the placement, Kin would also launch a share purchase plan, allowing eligible shareholders (SPP) the opportunity to participate in the raising. The SPP would raise a further A$2-million.
Kin MD Trevor Dixon told shareholders that the funding strategy would assist the company in progressing the Leonora gold project into a large-scale mining operation.
The raising would fund the completion of the PFS, as well as working capital for operational improvements to assist with the development of the Lewis near-term production opportunity.
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