PERTH (miningweekly.com) – Junior Kin Mining will launch a significant exploration programme at its Lewis discovery, and complete the definitive feasibility study of the Leonora gold project, in Western Australia, following a A$10.2-million capital raise.
The ASX-listed company on Wednesday reported that it had raised the funds through an oversubscribed share purchase plan (SPP) and share placement to sophisticated and institutional investors.
The SPP allowed shareholders to acquire up to A$15 000 of new shares, priced at 20c each, with one free attaching option, raising an initial A$1.3-million. A further A$6-million was raised through the placement of 20-million shares to investors, priced at 32c a share.
Kin told shareholders that following the capital raise, the company was now fully funded to decision to mine at the Leonora gold project.
The funds would also allow Kin to complete the purchase of the 800 000 t/y Lawlers processing facility from Agnew Gold Mining Company.
The plant will be relocated and upgraded to meet Kin’s processing requirements at its Leonora gold project.
Edited by: Creamer Media Reporter
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