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Kalgoorlie Mining Company www.kalmining.com.au

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.

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Kalgoorlie Mining Company strengthens balance sheet with A$9.7m fully underwritten raising

Kalgoorlie Mining Company after completing a successful A$9.7m capital raising is returning to the ASX with a strategic focus on gaining traction in the high value gold sector through reassessment of its mining operations, costs and performance.

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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