Kin Mining NL’s substantial shareholder Delphi Unternehmensberatung Aktiengesellschaft (AG) has boosted its holding to 19.09% after an on-market purchase and participation in a placement.
The prominent German-based investor in junior resources stocks purchased more than 1.447 million shares in an on-market transaction in September at 4.17 cents per share with a total value exceeding $60,000.
This month Delphi AG has participated in Kin’s $3.1 million capital raising by acquiring more than 13.452 million placement shares at 3.5 cents a share with a total value of more than $470,000.
Heidelberg-based Delphi now holds in excess of 96.877 million KIN shares which at today's price of 4 cents is valued at more than $3.875 million.
Kin has recently completed a share placement raising $850,000 with a planned $2.2 million fully underwritten rights issue to take the capital raising to $3.1 million.
Next work phase
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.
Other Delphi investments
The holding in Blackstone was boosted to 14.83% after a series of on-market purchases and placement participation.
Delphi lifted its interest in Blackham to 11.47% after a series of on-market purchases.