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Kin Mining secures $3.1 million in placement and rights issue

A recently released pre-feasibility study (PFS) for the Cardinia Gold Project valued a future gold mining operation at up to $118 million.

Kin Mining NL - Kin Mining secures $3.1 million in placement and rights issue
Both the placement and the rights issue have an issue price of 3.5 cents

Kin Mining NL (ASX:KIN) has completed a share placement raising $0.85 million and has planned a $2.2 million fully underwritten rights issue.

Between the placement and the rights issue, the company will collectively raise $3.1 million.

Notably, the share placement was to two existing major shareholders.

The funding will provide Kin with sufficient working capital to complete the next phase of work at its flagship Cardinia Gold Project (CGP) in Western Australia.

This work is expected to include regional geophysical surveying to generate targets for the next round of resource extension and new discovery drilling.

Furthermore, it will enable Kin to continue its ongoing review of regional consolidation opportunities and project development assessment.

Kin’s managing director Andrew Munckton said: “We remain confident of the strategic value of the Cardinia Gold Project and continue to pursue pathways designed to monetise this value in the current strong gold price environment.

"The additional funding will allow us to apply modern geophysics over largely untested areas within the highly mineralised Cardinia and Mertondale areas which are concealed by shallow cover.

“We expect this work to generate new targets for our next drilling program in early 2020.

“The company also continues to assess opportunities to grow the CGP Mineral Resources via accretive regional consolidations to potentially accelerate the project development.”

Underwritten rights issue opens 28 October

The proposed timetable for the underwritten 1-for-8 non-renounceable rights issue is listed below.

Notably, Kin has received confirmation from its three largest shareholders that they intend to subscribe for their full entitlements representing 42% of Kin’s shares on issue.

The remaining shares in the rights issue have been underwritten fully by Delphi UA meaning Kin has secured the funding regardless of participation levels.

Quick facts: Kin Mining NL

Price: 0.037 AUD

ASX:KIN
Market: ASX
Market Cap: $21.13 m
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