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KBL Mining Ltd's offer of new options is fully-subscribed

Published: 13:00 01 Aug 2016 AEST

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KBL Mining Ltd's (ASX:KBL) pro-rata non-renounceable entitlement offer of new options closed on the 27th July 2016, and was fully-subscribed.

The maximum number of new options will be circa 990 million, with excess applications of over 400 million. The options were priced at $0.001.

Funds from the entitlement offer and exercise of the options will be used to augment the company’s working capital, and provide the opportunity for the company to further explore some of the targets within the large Mineral Hill system.

Last month KBL finalised preparations for a RAB drilling program in the highly prospective Pearse corridor, which is expected to begin in four weeks.

The currently known Pearse corridor As–Sb–Au in soil anomaly coincides with an area of better outcrop — it is strongest in the Pearse North area but muted by thicker regolith cover to the south around Pearse.

Pearse is part of the company's Mineral Hill project located in central west of New South Wales.

 

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