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Kin Mining secures $8 million through binding commitments

The company's flagship asset is its Leonora Gold Project (LGP) in Western Australia.

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The company is working towards a development decision in the second half of next year

Kin Mining NL (ASX:KIN) has received binding commitments from shareholders to subscribe for and underwrite $8.0 million of the current 2-for-5 rights issue underway.

The non-renounceable rights issue can raise gross proceeds of $10.4 million and these recent commitments mean that $8 million has been secured.

READ: Kin Mining is derisking and optimising its +1M ounce Leonora Gold Project

Funding is to be used to accelerate resource growth at the Leonora Gold Project (LGP), refinement of the LGP development pathway and full repayment of the Sprott Facility.

Last week, Kin released the fatal flaw analysis engineering and metallurgy reports produced by Como Engineers for the LGP.

READ: Kin Mining's engineering and metallurgy analysis for Leonora Gold Project indicates no fatal flaws

These reports confirmed no fatal flaws with aspects of Leonora’s proposed operation and identified several opportunities to capture additional value and reduce risk.

The junior gold developer remains focused on advancing the Leonora project to a lower-risk, higher-quality development decision in the second half of 2019.

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Price: 0.037 AUD

ASX:KIN
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Market Cap: $21.13 m
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on 20/2/19

2 min read