- Kin Mining (KIN) places its shares in a trading halt pending the release of a capital raising announcement
- Company shares will remain in the halt until Thursday, August 18, or when the announcement is released, whichever occurs first
- Throughout the June quarter, Kin burnt through $2.41 million and invested $2000 in its property, plant and equipment
- As of June 30, Kin had $3.64 million in total available funding, representing 1.51 quarters of use, suggesting the company could benefit from a capital raise
- Shares in Kin last traded at 9.1 cents on August 15
Kin Mining (KIN) has placed its shares in a trading halt pending the release of a capital raising announcement.
Company shares will remain in the halt until Thursday, August 18, or when the announcement is released, whichever occurs first.
Kin is yet to disclose how much it intends to raise or what it will use the funds for once received.
Throughout the June quarter, Kin burnt through $2.41 million on operating activities with the majority going towards exploration and evaluation. The company also invested $2000 in its property, plant and equipment.
As of June 30, Kin had $3.64 million in total available funding, representing 1.51 quarters of use, suggesting the company could benefit from a capital raise.
Kin last tapped investors for cash in October 2021 when it undertook a $12.92 million non-underwritten non-renounceable entitlement offer.
The offer allowed eligible shareholders to subscribe for one new share for every 6.5 held at a price of 10.5 cents.
Kin stated it would use the money to fund the next phase of exploration at the Cardinia Gold Project in WA and follow up on new discoveries and targets.
Shares in Kin last traded at 9.1 cents on August 15. The company has a $78.81 million market cap.