- Kin Mining (KIN) has completed a share purchase plan (SPP), raising around $838,500.
- The SPP saw existing shareholders subscribe for an additional 6.45 million new shares at 13 cents per share
- The funds will be added to the recent $12 million placement to existing cornerstone shareholders and new sophisticated investors
- The company says the cash raised will go towards its next phase of systematic exploration work at its wholly owned Cardinia Gold Project in WA
- The SPP shares are set to be issued on March 9, 2021
- Shares are up 13.6 per cent, trading at 12.5 cents
Kin Mining (KIN) has completed a share purchase plan (SPP), raising around $838,500.
Kin Mining is a West Australian gold exploration company, with a key focus on its Cardinia Gold Project, located in the Northeastern Goldfields of WA.
The SPP, first announced last month, saw existing shareholders subscribe for an additional 6.45 million new shares at 13 cents each.
The funds will be added to the recent $12 million placement to existing cornerstone shareholders and new sophisticated investors.
The plan offered the opportunity for all shareholders to participate in the funding, on the same terms.
The company said the collective $12.8 million will strengthen its balance sheet and put it in a strong position to undertake the next phase of systematic exploration work at Cardinia, which will include over 32,500 metres of drilling.
The funds will also allow it to follow up on the new discoveries and targets identified as part of the highly successful exploration campaigns completed during 2019 and 2020.
The SPP shares are set to be issued on March 9, 2021.
Kin Mining shares are up 13.6 per cent, trading at 12.5 cents at 2:45 pm AEDT.