- Kingston Resources (KSN) is raising up to $8.4 million to advance its gold projects in Papua New Guinea (PNG) and Western Australia
- In a new placement, Kingston is expecting to raise $6.4 million for 16 cents each
- A further $2 million will be raised in a share purchase plan (SPP)
- Funds will be used to help progress a pre-feasibility study (PFS), approvals and resource expansion drilling Misima Gold Project in PNG and to further explore the Livingstone Gold Project in WA
- Kingston has also agreed to sell its Dry Creek royalty to Vox Royalty Corp (VOX) for $650,000, which will be settled in cash and shares
- Company shares are down 2.70 per cent on the market this afternoon, trading for 18 cents each
Kingston Resources (KSN) is raising up to $8.4 million to advance its gold projects in Papua New Guinea (PNG) and Western Australia.
In the placement, Kingston will issue 40 million shares for 16 cents each to institutional and sophisticated investors to raise $6.4 million. A further $2 million will be raised in a share purchase plan (SPP).
Funds will be used to help progress a pre-feasibility study (PFS), approvals and resource expansion drilling Misima Gold Project in PNG and to further explore the Livingstone Gold Project in WA.
Managing Director Andrew Corbett is pleased with the strong response from investors.
“We are very encouraged by the support we are receiving for Misima as we transition towards mining studies and development. The rest of 2020 will be exciting for Kingston shareholders as we work towards the completion of the PFS and reporting a maiden Ore Reserve at Misima,” he said.
“Following the significant structural work completed earlier in 2020, we are also excited to get back into drilling the Livingstone Project in WA, with the objective of
delineating a maiden JORC Mineral Resource at Kingsley,” he added.
Dry Creek Royalty Sale
Kingston has also agreed to sell its Dry Creek royalty to Vox Royalty Corp (VOX) for $650,000, which will be settled in cash and shares. The royalty was established in 1992 over tenements within the Higginsville Gold operations.
Kingston is down 2.70 per cent on the market this afternoon, trading for 18 cents each at 1:00 pm AEST.