Kalgoorlie Mining Company (ASX: KMC) flagship operations is the Bullant Gold Mine, which is located around 60 kilometres from the town of Kalgoorlie in Western Australia.
Kalgoorlie Mining Company (ASX: KMC) has now successfully completed its A$9.7 million fully underwritten three for one non-renounceable rights issue and will resume trading on the ASX tomorrow, Tuesday 26 June.
A total of around 976 million new shares were issued to eligible shareholders with the balance taken up by the underwriters.
With a strengthened cash position, Kalgoorlie Mining now plans to undertake the following activities:
- Developing and reviewing exploration programs across the company’s tenement area;
- Further consideration of the care and maintenance program at the Bullant gold mine;
- Investigation and analysis of possible future mining plans;
- Further re‐assessment of the mining operations, costs and performance;
- A general strategic review of all corporate matters including suitable executive management; and
- Consideration of other suitable corporate or acquisition opportunities.
The company has previously stated that around A$5.05 million of the proceeds raised will be allocated to paying its creditors in full.
Around $1.5 million has been allocated to the ongoing care and maintenance of the Bullant Project and $0.49 million to paying ongoing tenement administration and exploration costs.
The remaining $2.72 million will be applied towards corporate and compliance costs, general working capital and expenses of the issue.
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