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Kin Mining substantial shareholder lifts stake with purchases valued at $1 million

Michele Canci took part in the 2-for-5 non-renounceable rights issue offer and subsequent shortfall component.
Drilling at Leonora project
Kin is advancing the Leonora Gold Project in Western Australia

Kin Mining NL (ASX:KIN) substantial shareholder Michele Canci has increased his interest to 7.94% from 6.9% with recent share acquisitions valued at $1 million.

The Western Australian investor participated in Kin’s rights entitlement and subsequent shortfall underwriting and now holds more than 34.9 million shares.

Two entities associated with Canci made the purchases.

Rights offer participation

On November 21 these entities purchased more than 8.963 million shares in the rights entitlement offer for total consideration in excess of $717,000.

On December 4 more than 3.536 million shares were purchased in the shortfall underwriting with a value of almost $283,000.

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

Acceptances were received for $3.909 million worth of shares in the 2-for-5 non-renounceable rights issue offer.

Kin this week completed the $5.3 million partially underwritten shortfall component of the offer.

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.

Once completed, total funds from the rights issue will be approximately $10.4 million before costs.

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

Funds from the offer will be used to accelerate resource growth at the Leonora Gold Project in Western Australia, refinement of the development pathway and full repayment of the Sprott Facility.

The company 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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