Kin Mining NL (ASX:KIN) (FRA:8KM) has received support from directors for its recent share purchase plan (SPP) to fund its exploration and growth strategy at the Cardinia Gold Project (CGP).
Managing director Andrew Munckton, non-executive director Brian Dawes and non-executive director Hansjoerg Plaggemars all participated in the SPP at the issue price of $0.13 per share.
Company chairman Joe Graziano has also demonstrated his confidence by way of an on-market purchase.
Director participation
Munckton acquired 76,923 shares in one indirect interest and 230,769 in another indirect interest bringing the total number of securities held in the first interest to 277,672 and 730,769 in the second.
Dawes acquired 230,769 shares in an indirect interest, with 1,532,326 now held in that interest and another 479,963 in a separate indirect interest.
Plaggemars acquired 153,846 shares in an indirect interest and now holds 455,752 shares in that interest.
On-market purchase
On March 11 chairman Graziano made an on-market purchase of 250,000 shares in an indirect interest at an average purchase price of $0.1274 per share.
This took his holding in that interest to 7,972,320 shares with another 2,770,143 held in a separate indirect interest.
Successful SPP
The company completed the SPP earlier this month with existing shareholders subscribing for an additional 6.45 million of new shares at $0.13 per share, raising around $838,500.
These 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 CGP.
Funding exploration drilling
The collective funds raised 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 new discoveries and targets identified as part of 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 CGP, with drilling underway and more than 32,500 metres of DD, RC and AC drilling planned in the first half of 2021.