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Kingston Resources raises $4.3 million to advance gold project in Papua New Guinea

The company has also launched a share purchase plan to raise up to $1 million.
Australian currency
The placement to institutional investors was well supported and oversubscribed

Kingston Resources Ltd (ASX:KSN) will use $4.3 million raised in an oversubscribed placement to advance exploration at the 2.8 million ounce Misima Gold Project in Papua New Guinea.

Success of the placement to institutional and sophisticated investors has resulted in the company launching a share purchase plan to existing shareholders to raise up to $1 million.

Share purchase plan offered

The share purchase plan is offered at the same issue price as the placement, being $0.022 per share.

It is designed to allow smaller shareholders to participate on the same terms as the larger institutional investors.

Placement receives strong support

The placement received strong support from recognised Australian and international institutional investors alongside sophisticated investors.

Kingston is now well-funded, with cash of more than $6 million, prior to the share purchase plan.

This will enable the company to pursue its 2018 drilling programs at Misima as well as at the Livingstone Gold Project in Western Australia.

Kingston is focusing on its flagship Misima project on Misima Island.

The Misima Gold Project is on Misima Island in PNG's east

In the near term Kingston intends to re-establish its presence on the island and logistics support before undertaking exploration.

This will include continuing geochemical surveys and extensional and infill drilling at the known Misima resource.

The company shortly intends to sign an initial drilling contract and mobilise a drill rig.

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