Australia

Kin Mining secures $3.1 million in placement and rights issue

Kin Mining NL (ASX:KIN) has completed a share placement raising $0.85 million and has planned a $2.2 million fully underwritten rights issue.

Between the placement and the rights issue, the company will collectively raise $3.1 million.

Notably, the share placement was to two existing major shareholders.

The funding will provide Kin with sufficient working capital to complete the next phase of work at its flagship Cardinia Gold Project (CGP) in Western Australia.

This work is expected to include regional geophysical surveying to generate targets for the next round of resource extension and new discovery drilling.

Furthermore, it will enable Kin to continue its ongoing review of regional consolidation opportunities and project development assessment.

Kins managing director Andrew Munckton said: “We remain confident of the strategic value of the Cardinia Gold Project and continue to pursue pathways designed to monetise this value in the current strong gold price environment.

"The additional funding will allow us to apply modern geophysics over largely untested areas within the highly mineralised Cardinia and Mertondale areas which are concealed by shallow cover.

“We expect this work to generate new targets for our next drilling program in early 2020.

“The company also continues to assess opportunities to grow the CGP Mineral Resources via accretive regional consolidations to potentially accelerate the project development.”

Underwritten rights issue opens 2Read More – Source

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