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Kingston Resources substantial shareholder Winchester Investments increases stake

Funds will be used to progress a PFS, approvals and resource expansion drilling at Misima Gold Project as well as accelerate exploration at Livingstone project.

Kingston Resources Ltd - Kingston Resources substantial shareholder Winchester Investments Group Pty Ltd increases stake in the company
Kingston is delighted to welcome several new institutional shareholders to its register as part of the placement

Kingston Resources Ltd (ASX:KSN) substantial shareholder Winchester Investments Group Pty Ltd has increased its stake in the company to 15.67% from 13.02%.

On June 1 Winchester acquired 10 million shares valued at $1.6 million as part of the company's $8.4 million capital raising to progress the 3.2-million-ounce Misima Gold Project in Papua New Guinea as well as the Livingstone Gold Project in WA.

This share placement participation followed two on-market purchases totalling 1 million shares last November and takes Winchester's holding ion KSN to 34 million shares.

Funds to progress gold projects

In late May Kingston received binding commitments for the share placement comprising the issue of 40 million shares at 16 cents per share to institutional and sophisticated investors, raising proceeds of $6.4 million.

Kingston has also launched a share purchase plan (SPP) providing existing eligible shareholders with the opportunity to participate in this milestone capital raising on the same terms as the share placement and aiming to raise an additional $2 million.

The company is delighted to welcome several new institutional shareholders to its register as part of the placement and would like to thank its existing shareholders for their ongoing support.

Funds raised will be used to advance the Misima project and to accelerate exploration at Livingstone.

Quick facts: Kingston Resources Ltd

Price: 0.25 AUD

ASX:KSN
Market: ASX
Market Cap: $57.64 m
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Kingston Resources has encouraging new targets at Misima Gold Project in PNG

 Kingston Resources Ltd (ASX:KSN) chief executive officer Andrew Corbett updates Proactive Investors on the favourable drilling targets at the company’s flagship Misima Gold project in PNG. Corbett says Misima is a large project with a 2.8 million ounce resource base, on an island east...

on 1/8/19

2 min read