Kingston Resources Ltd (ASX:KSN) has gained two new substantial holders through its recent share placement, with Germany-based DELPHI Unternehmensberatung AG and Australian Winchester Investments Group Pty Ltd joining the register.
Heidelberg-based private investment group DELPHI purchased 164.06 million shares at 1.6 cents each, staking its initial interest in Kingston at 11.83%.
Private investment group Winchester previously had a non-substantial holding in Kingston which is now at around 10% after the placement.
The recent share placement raised $4.3 million for Kingston through the issue of 276 million shares at 1.6 cents a share.
READ: Kingston Resources secures $4.3 million in placement, rights issue to follow
Kingston’s managing director Andrew Corbett said the company welcomed its new shareholders, in particular DELPHI and Winchester.
He said: “We are very encouraged by their support for Misima and their interest in developing the project into a long-term, viable mining option.
“Their knowledge and understanding of the resources sector is also an important factor.”
READ: Kingston Resources in trading halt ahead of capital raising news
Capital raised in the share placement will go towards a ramping-up of the regional drill program at Misima, as well as increasing activities at the company’s Livingstone Gold Project in WA.
Specifically, funds will go towards drilling at Misima to target new deposits, extensional and infill drilling at the known Misima resource as well as exploration drilling at Livingstone.
The 2.8-million-ounce gold deposit at Misima positions Kingston as a compelling exploration company compared to its ASX-listed peers.