PERTH (miningweekly.com) – ASX-listed Kingston Resources has raised A$3.1-million through a shortfall placement of its pro-rata non-renounceable rights issue, announced in May, to accelerate drilling at its Misima gold project, in Papua New Guinea.
Kingston in May launched the rights issue with the aim of raising up to A$8-million.
The company on Monday said that it had now successfully placed more than 192.7-million shortfall shares to eligible existing and new institutional shareholders, at an offer price of 1.6c each.
“This is a great result which means we are now well-funded to accelerate our ongoing exploration programme at the world-class Misima gold project and progress exploration at the Livingstone gold project in Western Australia,” said Kingston MD Andrew Corbett.
“At Misima, we remain focused on delivering near-surface ounces outside the main Umuna resource. As part of this step-up in activity, we expect to activate the second diamond drill rig, which is currently on the island being prepared for commissioning.
Meanwhile, the drilling programme currently underway at Livingstone is progressing to schedule.”