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Kin Mining substantial shareholder Harmanis Holdings boosts interest to 8.73%

The Perth-based investor has recently purchased more than 9.447 million shares for total consideration exceeding $755,000.
Bags of coins
Kin’s flagship asset is the pre-development Leonora Gold Project in Western Australia

Kin Mining NL (ASX:KIN) substantial shareholder Harmanis Holdings P/L has increased its stake in the company to 8.73% from 7.14%.

This follows a series of recent purchases and participation in the company’s entitlement offer.

Harmanis acquired 150,000 shares valued at $11,850 on October 23 and another 25,000 shares valued at $1,900 the following day.

Participation in entitlement offer

On November 21, as part of the entitlement offer, Harmanis acquired more than 9.272 million shares valued at more than $741,800.

The Perth-based investor now holds more than 32.63 million shares.

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

German-based substantial shareholder Delphi Unternehmensberatung Aktiengesellschaft (AG) also increased its substantial holding.

Delphi increased its stake in Kin to 8.52% by purchasing almost 9.01 million shares in the entitlement offer at 8 cents per share and now holds more than 31.818 million shares.

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.

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