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Kin Mining’s substantial shareholders boost stakes after placement participation

Delphi Unternehmensberatung AG now has a 16.96% interest in the gold company while Harmanis Holdings Pty Ltd has a 13.8% stake.

Australian bank notes
The company raised $2.1 million in a placement to existing sophisticated shareholders

Kin Mining NL’s (ASX:KIN) substantial shareholders have increased their interest in the company through participation in a share placement that raised $2.1 million.

German institutional investor Delphi Unternehmensberatung AG purchased 28 million shares valued at $1.4 million and now holds a 16.96% stake, up from 12.27%.

Delphi has almost 82 million shares

Heidelberg-based Delphi, which has been very active in other Australian resource investments, now holds almost 82 million shares.

Harmanis Holdings buys 12 million shares

Harmanis Holdings Pty Ltd has increased its interest in Kin to 13.8% from 12.4% after purchasing 12 million shares valued at $600,000.

The WA investor now holds more than 66.682 million shares.

READ: Kin Mining will use $2.1 million placement funds to finalise Cardinia gold PFS

Kin will use funds raised in the placement to sophisticated shareholders to complete a pre-feasibility study for the Cardinia Gold Project in WA, the outcome of which are expected to be finalised shortly.

Funds will also provide additional working capital for the next phase of work on project assessment after consideration of the PFS outcomes.

READ: Kin Mining uses recent drilling to update gold resource at Cardinia

The resource for Cardinia was recently upgraded to 782,000 ounces grading 1.41 g/t gold.

This week Delphi has taken a 6.25% stake Venture Minerals Ltd (ASX:VMS) after participating in a placement.

Quick facts: Kin Mining NL

Price: 0.064 AUD

Market: ASX
Market Cap: $36.55 m

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on 20/2/19

2 min read