Kin Mining NL (ASX:KIN) (FRA:8KM) has completed the share purchase plan (SPP) announced on February 10, 2021, with existing shareholders subscribing for an additional 6.45 million of new shares at $0.13 per share, raising around $838,500.
The SPP funds will be added to the successful recent $12 million placement to existing cornerstone shareholders and new sophisticated investors who continue to provide strong support for the company’s exploration and growth strategy at the Cardinia Gold Project (CGP).
SPP shares will be issued on March 9, 2021, and quoted on the ASX on March 10, 2021.
Funding exploration drilling
The collective funds raised of $12.8 million will strengthen the company’s balance sheet, putting it in a strong position to undertake the next phase of systematic exploration work at the CGP and to follow up on the exciting new discoveries and targets identified as part of the highly successful exploration campaigns completed during 2019 and 2020.
Kin has a multi-pronged approach to exploration and resource growth at established and new prospects within the Cardinia Project, with drilling already underway and over 32,500 metres of DD, RC and AC drilling planned in the first half of 2021.
The company has a market cap of approximately $95.1 million and shares are 4.55% higher at 11.5 cents.