PERTH (miningweekly.com) – ASX-listed Kin Mining will raise up to A$15-million to fund exploration and resource growth at its Cardinia gold project, in Western Australia.
The explorer on Wednesday reported that it would raise an initial A$12-million through the placement of 92.3-million shares, at a price of 13c each, with a number of Kin’s largest shareholders participating in the placement.
The company would also launch a share purchase plan (SPP), at the same price as the placement, allowing existing shareholders to subscribe for up to A$30 000 worth of new shares.
Kin Mining is hoping to raise up to A$3-million with the SPP.
“We are extremely grateful for the incredible support shown by our major shareholders, and we also take the opportunity to welcome a number of new investors to our register. While we made enormous progress last year in the 60 000 m or so of drilling completed, we believe we still have a long way to go to demonstrate the full potential of the Cardinia gold project and increase our resource base to the next level,” said Kin Mining MD Andrew Munckton.
Kin Mining is planning to drill some 30 000 m in the first half of the year across a range of established and new prospects, building on the previous exploration work completed last year.