Kin secures new cornerstone investor to fund Leonora buy
PERTH (miningweekly.com) – Junior developer Kin Mining has secured a A$3-million cornerstone investment from privately held Geolord Resources to complete the acquisition of the Leonora gold project, in Western Australia.
The ASX-listed junior announced on Monday that it had entered into a subscription agreement with Geolord, under which the private firm would subscribe for more than 23.8-million shares, at a price of 15c each.
Kin told shareholders that the agreement with Geolord constituted a critical step in the completion of the transaction with the administrators of Navigator Resources, which hold the Leonora gold project.
“This important cornerstone investment secures the Leonora gold project transaction and enables us to move forward with certainty to deliver our growth strategy, including our plans to move to production in the short to medium term,” said Kin MD Trevor Dixon.
He noted that the proceeds of the placement, along with the proceeds of the current rights issue, would enable Kin to complete the acquisition and move ahead with exploration and feasibility studies at Leonora, while also testing some of the company’s other high-quality exploration targets in the region, to create further value for shareholders.
An independent valuation of the Leonora gold project had in June valued the project at between A$3.8-million and A$14.5-million, with a preferred value of A$8.5-million. This was well above the asking price of A$2.7-million agreed upon with Navigator’s administrators.
Kin has initiated technical studies aimed at upgrading the project’s existing indicated and inferred resource of 12.29-million tonnes, grading 1.9 g/t gold for 745 000 oz to a Joint Ore Reserves Committee-compliant resource.
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