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Kin Mining substantial holder acquires more than 16 million shares

Mostia Dion Nominees and related entity Felice Finale now hold a total of 57,423,587 shares in the company.

Kin Mining NL - Kin Mining substantial holder acquires more than 16 million shares
The shares were purchased for $676,688

Kin Mining NL (ASX:KIN) substantial holder Mostia Dion Nominees Pty Ltd has increased its stake in the company with the purchase of 16,286,325 shares.

On 12 November 2019, Mostia Dion subscribed a rights issue, purchasing 5,619,658 shares for $196,688, and on 23 March 2020 related entity Felice Finale Pty Ltd purchased 10,666,667 shares for $480,000.

The holder’s total securities now sit at 57,423,587 with a voting power of 9.33% (up from 9.31%).

This follows Kin’s substantial holder Harmanis Holdings Pty Ltd increasing its stake in the company to 17.45% earlier this week by participating in a placement which raised a total of $2.64 million.

Harmanis Holdings now holds 107.11 million shares worth $900,000.

Near-surface gold at Comedy King

Kin recently intersected shallow gold grading up to 12.2 g/t at the Comedy King prospect at the Cardinia Gold Project (CGP) near Leonora Western Australia.

The 1 metre split samples were generated from the aircore (AC) drilling program completed in December 2019.

Best results include:

  • 3 metres at 5.45 g/t gold from 5 metres, including 1 metre at 11.1 g/t gold from 6 metres;
  • 2 metres at 6.7 g/t from 5 metres, including 1 metre at 12.2 g/t gold from 5 metres; and
  • 2 metres at 5.88 g/t from 3 metres.

Further assay results for the remaining 1 metre split samples at Lewis East and Lewis West expected in the coming weeks.

Follow up drilling planned

The company has implemented several new procedures in response to the COVID-19 pandemic which are designed to ensure the health and safety of Kin staff and contractors.

This includes measures designed to support social distancing including having the majority of Perth-office staff working from home, minimising interaction on site and restricting all non-essential travel by staff and contractors.

The current aircore and reverse circulation (RC) drilling program is planned to continue through April 2020 to completion.

During this program and assessment of its results, Kin will continually evaluate the operating environment and any restrictions in place due to the COVID-19 pandemic before determining the next steps in the exploration program at the CGP.

Quick facts: Kin Mining NL

Price: 0.135 AUD

Market: ASX
Market Cap: $85.01 m

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Kin Mining MD updates on development of Cardinia gold project near Leonora

Kin Mining NL (ASX:KIN) managing director Andrew Munckton updates Proactive Investors on development of the Cardinia gold project, near Leonora in Western Australia. Results from 16 of 51 holes drilled at both the Lewis and Helens prospects have been released so far. Munckton says,...

on 20/2/19

2 min read