KIN Mining NL (ASX:KIN) (FRA:8KM) substantial holder Delphi Unternehmensberatung AG has increased its stake in the company to 25.62% by participating in a $15 million capital raising.
The raising, which aims to progress the next phase of exploration and resource growth at KIN's Cardinia Gold Project near Leonora in Western Australia, comprises a placement of around 92.3 million shares at 13 cents to raise $12 million and a proposed share purchase plan (SPP), also at 13 cents to raise an additional $3 million.
On February 18, Germany-based company Delphi and its entities, including Sparta AG, 4basebio and Wilhelm KT Zours, increased the holding in Kin Mining to more than 203.129 million shares.
Resource growth at Cardinia
Kin Mining has begun a phase 4 drilling program at the Cardinia Gold Project (CGP) in Western Australia off the back of the capital raising.
The company expects the program to expand the current mineral resource inventory at the CGP.
It will also be seeking new gold discoveries in the Eastern Corridor and Eagle areas at the project near Leonora.
Kin Mining managing director Andrew Munckton said: “We are very pleased to be back on the ground exploring the exciting targets that have been generated at Cardinia over the last six months through a combination of gravity surveys and soil geochemistry."