PERTH (miningweekly.com) – Copper developer KGL Resources has raised A$23.04-million of a A$24.2-million target.
The company in April announced a one-for-six non-renounceable entitlement offer, priced at 37c a share, to fund front-end engineering design (FEED) work at the Jervois copper project, in the Northern Territory, and to fund the final stages of the feasibility study.
KGL on Tuesday told shareholders that the company had received valid applications for more than 62.2-million shares, representing 95.2% of the new shares offered to shareholders.
The applications included KGL’s major shareholders KMP Investments and Denis Wood, with KMP applying for 6.5-million top-up shares, in addition to taking up its pro-rata entitlement which represented an additional A$2.4-million.
KGL MD Simon Finnis told shareholders on Tuesday that the feasibility study for the Jervois copper project was on target for completion by mid-2022.
“The study was extended to allow for potential business case advantages to be investigated and incorporated, including the benefits of the Glencore offtake agreement and the updated Jervois mineral resource.
“The funds raised under the entitlement offer will allow the completion of the feasibility study and the continuation of the FEED. Based on the outcomes of the feasibility study, the funds will also go towards placing orders for long lead time items and commencement of early works.”