Kingston Resources Ltd (ASX:KSN) has obtained a further show of confidence from private financial company Winchester Investments Group Pty Limited, which has increased its substantial holding to 10.85% from 9.16%.
Winchester purchased more than 8.68 million shares in on-market transactions last month and in excess of 23 million in the company's recent rights issue which raised almost $1 million.
The Sydney-based investment group, which is associated with barrister Ian Ingram, now holds 170 million shares.
In the non-renounceable rights issue Kingston received acceptances of 58,666,858 new shares with the remaining shortfall under the entitlement offer being 192,793,865 shares.
Kingston managing director Andrew Corbett thanked the company’s shareholders for their ongoing support.
He said: “The Kingston team looks forward to providing an update on the ongoing drilling program at the Misima Gold Project in PNG and the next drilling program at the Livingstone Gold Project in Western Australia.”
READ: Kingston Resources completes drilling program targeting near-surface gold mineralisation at Misima
The company recently completed an 11-hole drilling program to provide infill and validation data in an area east of the historical Ewatinona open pit at Misima.
Exploration work aims to deliver new near-surface mineralisation as these are likely to have the largest impact on overall project economics.