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Kin Mining substantial shareholder continues share purchases, now holds 12.4%

Harmanis Holdings has acquired further shares in the gold pre-developer valued at more than $1.763 million.
Coins in a jar with plant at top
Kin’s flagship asset is the Leonora Gold Project in Western Australia

Kin Mining NL (ASX:KIN) substantial shareholder Harmanis Holdings Pty Ltd has further boosted its interest in the gold pre-developer to 12.4% from 8.73%.

Harmanis has acquired shares with a total value of more than $1.763 million and now holds more than 54.682 million shares.

Participation in rights issue

The WA-based investor purchased more than 25,000 shares on October 25 valued at $1,900 and a further 50,000 on November 14 valued at $3,750.

Its primary purchase came on December 3 with almost 22 million shares valued at more than $1.758 million.

READ: Kin Mining substantial shareholder Harmanis Holdings boosts interest to 8.73%

Harmanis has participated in Kin’s rights entitlement and subsequent shortfall underwriting, which once completed will result in funds of approximately $10.4 million before costs.

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

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

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

leaves a further shortfall of more than 14.74 million shares.

The company’s directors reserve the right to place the remaining shortfall within three months after the closing date of the issue.

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

Funds will be used to accelerate resource growth at the flagship Leonora Gold Project in Western Australia as well as refining the development pathway and full repayment of the Sprott Facility.

Leonora is about 750 kilometres northeast of Perth in the highly prospective north-eastern Goldfields region.

The project has a mineral resource of more than 1 million ounces, defined in both supergene and deeper primary mineralisation, with considerable potential to be increased with further drilling.

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