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Kin Mining completes $5.3 partially underwritten shortfall component of rights issue

Once completed, total funds from the 2-for-5 rights issue will be approximately $10.4 million before costs.
View in the Leonora project area
Funds will be used to progress the flagship Leonora Gold Project in WA

Kin Mining NL (ASX:KIN) has completed the $5.3 million partially underwritten shortfall component of the 2-for-5 non-renounceable rights issue which closed in mid-November, 2018.

Accordingly, the company has issued more than 66.28 million new shares to raise more than $5.303 million.

This leaves a further shortfall of more than 14.74 million shares for which Kin’s directors reserve the right to place within three months after the closing date of the issue.

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

The requirements of the Corporations Act and ASX Listing Rules also provide for this to be at a price not less than the offer price.

Upon completion of the allotment of the remaining shortfall, total funds raised from the rights issue will be approximately $10.4 million before costs.

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

There were acceptances received for $3.909 million worth of shares in the offer.

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

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.

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

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

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

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