Kin Mining NL (ASX:KIN) has fielded $7.13 million in a capital raise through a non-renounceable rights issue that closed on February 10, 2023.
The company offered one share for every three shares held at an issue price of $0.055 and received valid applications for almost 130 million new shares, with a shortfall of some 219 million that may be placed within the next three months.
Kin’s directors were particularly encouraged by participation in the rights issue by major shareholder the Delphi Group, which applied for more than 121 million shares alone (94% or $6.679 million of the total).
Maintaining 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,” Kin Mining 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 exploration program that will continue immediately, will be focussed across the Cardinia Eastern Corridor, with continued efforts to identify higher-grade opportunities.
“Shareholders can look forward to strong news flow in the coming weeks and months.”
Read: Kin Mining grows new Helens East Fault gold system at Cardinia with more high-grade assays