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.