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Kingston Resources board members participate in rights issue

In a strong sign of support for the company and its future, four board members have increased their shareholdings.

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Collectively the board members purchased over 2 million shares in the company

Kingston Resources Ltd (ASX:KSN) board members Andrew Corbett, Anthony Wehby, Mick Wilkes, and Stuart Rechner have all participated in the recent capital raising.

Managing director Corbett purchased 833,273 shares and chairman Wehby purchased 677,129 shares.

Furthermore, non-executive directors Wilkes and Rechner purchased 400,000 and 167,027 shares respectively.

Corbett’s holding increased to 15.52 million, Wehby’s to 4.73 million, Wlikes’ to 2.8 million and Rechner’s to 1.16 million.

READ: Kingston Resources raises nearly $1 million in rights issue to fund further gold exploration

Funds will go towards further exploration work at the company’s Misima Gold Project in Papua New Guinea and Livingstone Gold Project in Western Australia.

Kingston raised $938,670 in the 1-for-6 rights issue offering shares priced at 1.6 cents each, which adds to the $4.3 million raised in the prior share placement.

The company also recently completed an 11-hole drilling program to provide infill and validation data in an area east of the historical Ewatinona open pit at the Misima project.

Exploration work aims to deliver new near-surface mineralisation as these are likely to have the largest impact on overall project economics.

Quick facts: Kingston Resources Ltd

Price: 0.14 AUD

ASX:KSN
Market: ASX
Market Cap: $24.72 m
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