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Kin Mining substantial holder boosts stake to 15.26%

Harmanis Holdings has purchased shares valued at more than $376,000 in a placement forming part of Kin’s $3.1 million capital raising.

Kin Mining NL - Kin Mining substantial holder boosts stake to 15.26%
Funds will assist with the next work phase at the Cardinia Gold Project

Kin Mining NL (ASX:KIN) substantial holder Harmanis Holdings Pty Ltd has increased its interest in the company to 15.26% from 13.8% after purchasing shares in a placement.

More than 10.75 million shares with a total value in excess of $376,000 were purchased on October 21.

WA-based Harmanis now holds more than 77.435 million shares in the gold explorer.

Capital raising

The company has recently completed a share placement raising $850,000 and is undertaking a $2.2 million fully underwritten rights issue.

Notably, the share placement was to two existing major shareholders, Harmanis and Delphi Unternehmensberatung Aktiengesellschaft (AG).

German-based Delphi AG purchased more than 13.452 million placement shares with a total value of more than $470,000.

Rights issue participation

Kin’s three largest shareholders, including Harmanis and Delphi AG, have indicated they intend to subscribe for their full entitlements in the underwritten 1-for-8 non-renounceable rights issue, representing more than 42% of Kin’s shares on issue.

Remaining shares in this issue have been fully underwritten by Delphi AG.

CGP next work phase

The capital raising will provide Kin with sufficient working capital to complete the next phase of work at its flagship Cardinia Gold Project (CGP) in Western Australia.

This work is expected to include regional geophysical surveying to generate targets for the next round of resource extension and new discovery drilling.

Furthermore, it will enable Kin to continue its ongoing review of regional consolidation opportunities and project development assessment.

A recently released pre-feasibility study (PFS) for the CGP valued a future gold mining operation at up to $118 million.

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ASX:KIN
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Market Cap: $22.84 m
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