Kairos Minerals has raised $9 million to fund further exploration activities in the Pilbara on the same day Norwest Minerals pursued its first capital raise.
Kairos Minerals has raised $9 million to fund further exploration activities in the Pilbara on the same day Norwest Minerals pursued its first-ever capital raise.
Having initially listed on the ASX as Mining Projects Group in 2016, West Perth-based Kairos changed its name in 2016 as it expanded its exploration to focus on lithium and gold projects.
Kairos had previously sought to raise $4.2 million to fund exploration and drilling programs across its Pilbara gold project.
Newly acquired funding will also go towards these activities.
The placement was led by CPS Capital, with 180 million shares issued at $0.05 each.
Kairos executive chair Terry Topping said the company’s successful 2020 exploration campaign had already generated numerous standout gold targets across the Pilbara gold project.
“Thanks to the strong support shown from major strategic and institutional investors, we are now in a position where we can significantly expand our exploration activities and push forward on multiple fronts with view to unlocking what we believe could be the Pilbara’s next major gold discovery,” Mr Topping said.
“The company has been able to delineate several key gold targets across our portfolio that will require significant regional drilling programs over 2020 and 2021.
“The proceeds from this raising will ensure that we can approach these programs in a focused and systematic manner, fully evaluate all the targets we have delineated and, in the event of a discovery breakthrough, push on with aggressive drilling before we need to return to the market to raise further funds.
“The search for the next major gold deposit in the Pilbara is already well and truly underway and we are pleased to have strong support for this effort from both existing and new shareholders.”
Elsewhere, Norwest Minerals announced it had received commitments to raise $2.5 million to enable exploration activities at its Marymia East gold project.
Hartley acted as lead manager to the placement with 25 million shares issued at $0.10 each.
Norwest chief executive Charles Schaus said the company was pleased with the level of support that it had received.
“The capital raising ensures that Norwest is fully funded to accelerate and expand multiple upcoming drilling programs which will focus on a number of walk-up gold targets.
“We are excited by the excellent potential for new gold discoveries from the upcoming drilling programs.”
Kairos Minerals was trading at $0.07/share at 12:30pm AEST while Norwest Minerals was trading at $0.12/share.
