Kin taps investors for $10m

Gold explorer KIN Mining has raised $10.2 million from investors to fund new exploration at its Leonora project.

Kin raised $4.2 million via a share purchase plan priced at 20 cents a share, and a further $6 million through the placement of 20 million shares at 32 cents each.

The funds will be used to undertake a follow-up drilling campaign at the company’s Lewis discovery – part of the Leonora project – as well as fund the completion of a feasibility study on Leonora, leaving the company fully funded up to a decision to mine.

“The company is very excited by the bright future for Kin shareholders as it progresses towards development of a new gold mine in WA, and plans to continue to build upon its existing resource base through regional and deeper drilling at the Leonora gold project, which is already yielding very positive results for the company,” Kin said in a statement.

“The company has been overwhelmed by the new interest in Kin as a result of recent exploration successes at Leonora.

“With the support received for the capital raising from a number of reputable domestic and international institutional investors the company is pleased to welcome a number of new investors to our share register with this placement.”

Kin shares were 2.7 per cent higher to 37 cents each at 12:20pm.