PERTH (miningweekly.com) – Junior Kingfisher Mining will raise A$4.25-million in a share placement to accelerate exploration at its Mick Well rare earths project, in Western Australia.
The company on Tuesday said it had received firm commitments from institutional and sophisticated investors for the placement of 10-million new shares, priced at 42.5c each, with the shares to be placed under Kingfisher’s existing placement capacity.
In addition, the company will also grant one free attaching option for every four placement shares allocated, exercisable at 70c each before the end of May 2025.
Kingfisher will also complete a loyalty option offer to all shareholders, offering one new loyalty option for every five shares held at the record date, with a grant price of 0.5c each. The loyalty options would be exercisable at 70c each before the end of May 2025, and subject to meeting ASX quotation conditions, the company would seek to have these loyalty options listed on the ASX.
“The interest from investors to participate in our first capital raising after listing on the ASX has been truly overwhelming. We are now well-capitalised to accelerate our exploration efforts in the Gascoyne region where we have already made a breakthrough rare earth elements discovery, with exceptionally high-grade hard rock mineralisation and broad zones of high-grade clay mineralisation which is part of the same large-scale mineral system,” said executive director and CEO James Farrell.
Proceeds from the placement will be used to accelerate exploration and for general working capital. The exploration will include drilling and high resolution airborne geophysical surveys, which are scheduled to start next month.