Kingston Resources Ltd (ASX:KSN) has picked up barrister Ian Ingram as a substantial indirect shareholder with Winchester Investments Group Pty Ltd’s initial stake in the listed Australian junior company.
Investor Ingram is the non-executive chairman of film and television (FTV) production company Beyond International Limited which is also in the sales and distribution business.
Mining exploration and development company Kingston recently raised $4.3 million with a placement in which juniors investor Germany-based Delphi Unternehmensberatung AG took part.
Heidelberg-based private investment group Delphi snapped up 164.06 million shares at 1.6 cents each, staking its initial interest in Kingston at 11.83%.
New South Wales-based Winchester joined the registry with 138.27 million shares on Tuesday.
Ingram and Winchester jointly hold the company’s full voting power in Kingston, which represents a 9.16% stake in the company’s ordinary securities.
Kingston managing director Andrew Corbett has highlighted both companies are knowledgeable of the resources sector and supportive of efforts at its 2.8 million ounce Misima gold deposit in Papua New Guinea.
The North Sydney company plans to use raised funds to ramp-up of a drilling program at Misima in PNG and for increasing activity at its Livingstone Gold Project in Western Australia in the inland western Bryah Basin near a number of iron ore and gold operations.
A number of exploration targets are found at old Placer Dome gold-silver mine Misima which produced 3.7 million ounces of gold and about 22 million ounces of silver over a 15 year mine-life before the operation closed in 2004.
The open pit gold mine had opened in 1989 and produced ounces at a US$218 an ounce average cost.
Misima deposit’s total known gold endowment is more than six million ounces.
Its silver resource is 13.9 million ounces.
Livingstone had a historical JORC 2004 inferred mineral resource of 49,900 ounces of gold.
Mineralisation has been defined over a 1 kilometre strike, with brownsfields exploration potential seen over a 42-kilometre strike length.
An upcoming $4 million Kingston shareholder rights issue will be open to any eligible shareholder on the company’s register on Wednesday next week, May 15, 2019.
Shares available under the offer will also be priced at 1.6 cents each, a 19% discount to the 30-day volume-weighted average price last Friday.