Kin Mining NL’s (ASX:KIN) gold strategy has attracted interest from Germany with a business management consultant becoming a substantial shareholder.
Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, participated in the company’s recent share placement and now has a 7.19% interest.
There were more than 22.7 million shares purchased by Delphi at 11 cents each for total consideration of $2.5 million.
READ: Kin Mining concludes rights issue shortfall to secure additional funding
Almost $9 million was raised from Kin’s placement and subsequent shortfall issue.
These funds will be used to undertake exploration programs to expand the plus-1 million ounce gold resource at the Leonora project in Western Australia.
Kin also aims to repay and retire the remainder of the Sprott credit facility.
Wilhelm Zours major shareholder
Wilhelm Zours is the major shareholder of Delphi and is also chairman of investment company Deutsche Balaton AG, a role he has held since June 25, 2004.
The prominent German executive is active on the supervisory board of Beta Systems Software AG, Sparta AG and Strawtec Group AG.
He is also a board member at VV Beteiligungen AG.
Zours, through Delphi, Deutsche Balaton and VV Beteiligungen, has recently been active in other Australian resources investments.
Azure Minerals investment
These entities have increased their interest in Mexican focused precious and base metals explorer Azure Minerals Limited (ASX:AZS) to 11.13% from 10.11% through a series of on-market purchases.