Proactive Investors - Run By Investors For Investors

Kin Mining’s German-based substantial shareholder lifts stake to 8.52%

Delphi Unternehmensberatung Aktiengesellschaft has acquired almost 9.01 million additional shares.
Increasingly high stacks of coins
Kin is advancing the pre-development Leonora Gold Project in WA

Kin Mining NL (ASX:KIN) has received a further show of confidence from a German-based substantial shareholder which has increased its holding to 8.52% from 7.19% by participating in an entitlement offer.

Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, purchased almost 9.01 million shares in the offer at 8 cents per share and now holds more than 31.818 million shares.

READ: Kin Mining’s gold strategy attracts German substantial shareholder

It is the second time this year that the company, whose major shareholder is prominent German executive Wilhelm Zours, has participated in a Kin capital raising exercise.

Previously Delphi purchased more than 22.7 million shares at 11 cents each for total consideration of $2.5 million.

READ: Kin Mining closes part-underwritten rights issue to fund Leonora Gold Project

Kin’s most recent 2-for-5 non-renounceable rights issue closed this month with acceptances received for $3.909 million worth of shares.

The shortfall of 81.03 million shares was partially underwritten to the value of $5.3 million or 66.28 million shares.

Upon completion of the rights issue, underwriting and placement for shortfall, the total funds raised will be $10.4 million before costs.

READ: Kin Mining board and management stand with shareholders and buy shares

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

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

Investing in resources

As well as being Delphi’s major shareholder, Zours is also chairman of investment company Deutsche Balaton AG, a role he has held since June 25, 2004.

The prominent German executive is active on the supervisory board of Beta Systems Software AG, Sparta AG and Strawtec Group AG and is a board member at VV Beteiligungen AG.

Zours, through Delphi, Deutsche Balaton and VV Beteiligungen, has this year been active in a number of Australian resources investments.

View full KIN profile View Profile

Kin Mining NL Timeline

Related Articles

drill rig
March 07 2019
The company is now chaired by Dubai royal, His Highness Sheikh Maktoum Hasher al Maktoum, a Commercial Bank of Dubai board member.
Open pit operations have focused on Matilda
January 27 2019
Reserve expansions and a Wiluna expansion DFS are upcoming milestones.
Project area
February 12 2019
Forecast life-of-mine gold production jumps to 289,000 ounces following a new resource estimate and mine design.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use