Kin Mining NL (ASX:KIN) has a new substantial shareholder in Mostia Dion Nominees Pty Ltd which has accumulated a 9.31% interest through a series of share purchases and participation in the company’s rights issue.
The Melbourne-based investor now holds almost 41 million shares with 25 million of these acquired in the 2 for 5 rights issue and subsequent shortfall underwriting.
Series of acquisitions
Mostia Dion made a series of acquisitions between July 23 and September 7 this year with a total value of around $959,000.
Almost 6.383 million shares were purchased on November 21 valued at more than $51,000.
On December 5 more than 18.617 million shares were purchased in the shortfall underwriting with a value in excess of $1.489 million.
Existing German substantial shareholder Delphi Unternehmensberatung Aktiengesellschaft (AG) also participated in the shortfall underwriting, increasing its interest to 12.27% from 8.52%.
The Heidelberg-based investor added more than 22.159 million shares at 8 cents per share and now holds almost 54 million shares.
This came about through the acquisition of 15.79 million shares for total consideration of $126,336.
Another Kin substantial shareholder, Harmanis Holdings Pty Ltd, also participated in the rights issue and underwriting and has lifted its stake to 12.4% from 8.73%.
Funds raised by Kin in the rights issue, which could amount to approximately $10.4 million before costs, will be used to advance the Leonora Gold Project in WA.
This amount would be reached if company directors decide to place the remaining shortfall of 14.74 million shares within three months of the closing date of the rights issue.