18/12/2017 - 13:16

Kin in $10m raising

18/12/2017 - 13:16

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Aspiring gold miner KIN Mining has tapped investors for $10 million as the company increases exploration work at its Leonora project in the Goldfields region.

Kin in $10m raising
The Leonora project is expected to be in production in the second half of next year.

Aspiring gold miner KIN Mining has tapped investors for $10 million as the company increases exploration work at its Leonora project in the Goldfields region.

The capital raising comprises a $7 million share placement and an entitlement offer for $3 million both at 25 cents each, representing a 12 per cent discount.

Kin said the equity raising was well supported by institutional and sophisticated investors.

Under the entitlement offer the company will issues shares on the basis of one new share for every sixteen held by eligible shareholders.

Managing director Don Harper said the funds would be used to complete drilling at the Cardinia mining centre within Leonora.

 “The company is now funded to implement an aggressive exploration program targeting both the Helens Rangoon and Bruno-Lewis 3 kilometre mineralised systems at Cardinia,” he said

“We look forward to significantly increasing and upgrading our resources and reserves ahead of gold production in 2018.

“We also welcome the introduction of new Australian and International institutional investors to our register.”

The news comes after Kin announced a $35 million debt package with Canada-based Sprott Private Resource Lending earlier this month.

The Leonora project is expected to be in production in the second half of next year.

Kin shares finished down 8.7 per cent at 26 cents.

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