PERTH (miningweekly.com) – Junior KGL Resources will raise some A$8.2-million through an entitlement offer to fund drilling at its Jervois copper project, in the Northern Territory.
The company on Monday said it would undertake a one-for-eight non-renounceable entitlement offer priced at 23c a share. The offer price represented a 6.12% discount to KGL’s trading price on November 15.
Some 35.7-million new shares will be issued under the entitlement offer.
Shareholders KMP Investments Marshal Plenty and Denis Wood have all confirmed their intent to subscribe for their full entitlement under the offer.
Capital raised will be used to fund a drill rig on site at Jervois, in support of the mining and geotechnical studies, and to assist in finalising the infrastructure analysis and mine management plan, which are all required for project financing.