- Kin Mining (KIN) falls short of its $20.4 million capital raise, raising only $13.7 million, before costs, ahead of its phase six drill program at the Cardinia Gold project in WA
- In accordance to ASX listing rules, the company received approximately 52.4 million new shares valued at $3.97 million, with a shortfall remaining of around 89.8 million shares
- Despite falling short, the directors are encouraged by the continued support of its major shareholder Delphi Group which applied for around 45.5 million shares, representing 87 per cent of the total shares
- A phase six exploration program will commence immediately, starting with aircore drilling at Murrin and then further resource drilling across the Cardinia Eastern Corridor
- Shares in Kin Mining end the day 2.78 per cent in the red to close at seven cents
Kin Mining (KIN) has fallen short of its $20.4m capital raise, raising around $13.7 million, before costs, ahead of its phase six drill program at the Cardinia Gold project in WA.
The company had completed its non-renounceable rights issue on September 12 and was undertaken on the basis of one new share for every seven shares held at an issue price of 7.5 cents a piece.
In accordance to ASX listing rules, the company received approximately 52.4 million new shares valued at $3.97 million, with a shortfall remaining of around 89.8 million shares.
Despite falling short, the directors were encouraged by the continued support of its major shareholder Delphi Group which applied for around 45.5 million shares, representing 87 per cent of the total and valued at $3.41 million.
Managing Director Andrew Munckton thanked shareholders for their continued support and said funds raised will enable the company to maintain significant exploration momentum across the project.
“[The project] is where our systematic and multi-pronged approach to exploration and resource growth continues to pay dividends as well as provide funding for the identification and assessment of opportunities in the Leonora district to strengthen and enhance both our resource base and potential development opportunities,” he said.
Mr Munckton also said the phase six exploration program will commence immediately, starting with aircore drilling at Murrin and then further resource drilling across the Cardinia Eastern Corridor.
“With a mineral resource estimate update on track for release later this month, shareholders can look forward to strong news flow in the coming weeks and
months,” Mr Munckton concluded.
Shares in Kin Mining have ended the day 2.78 per cent in the red to close at seven cents.