- Kin Mining (KIN) will be undertaking a non-underwritten non-renounceable entitlement offer to raise up to $12.92 million
- The entitlement offer allows all eligible shareholders the opportunity to subscribe for one new share for every 6.5 held at an offer price of 10.5 cents
- Once received, Kin will use the money to fund the next phase of exploration at the Cardinia Gold Project in Western Australia
- Specifically, the company will follow up on new discoveries and targets identified in its previous drilling programs
- Kin has ended the day 11.5 per cent in the red with shares trading at 11.5 cents
Kin Mining (KIN) will be undertaking a non-underwritten non-renounceable entitlement offer to raise up to $12.92 million.
The entitlement offer allows all eligible shareholders the opportunity to subscribe for one new share for every 6.5 held at an offer price of 10.5 cents.
This price represents a 19 per cent discount to Kin’s closing price of 13 cents on October 8 and a 13.6 per cent discount to the five-day volume-weighted average price.
Kin has received commitments from two of its shareholders that they intend to subscribe for all or a majority portion of their entitlements, totalling $3.84 million.
Once received, Kin will use the money to fund the next phase of exploration at the Cardinia Gold Project in Western Australia.
The company will follow up on new discoveries and targets identified in its previous drilling programs.
These targets include the Mt Flora, Iron King, Eagle and Crow prospects.
Managing Director Andrew Munckton commented on the upcoming drilling program.
“Our systematic approach to exploration has paid off in spade and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the scale of the project,” Mr Munckton said.
“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.”
Kin has ended the day 11.5 per cent in the red with shares trading at 11.5 cents.