Kingston Resources Ltd's (ASX:KSN) $2 million share purchase plan (SPP) announced in late May has closed more than 50% oversubscribed, marking the completion of a highly successful $8.4 million capital raising.
A total of 12.5 million new fully-paid ordinary shares will be issued under the SPP at 16 cents per share with shares to be allotted on July 14 2020.
First come first serve basis
Kingston has thanked all existing shareholders who made applications under the SPP.
The board has accepted valid applications on a ‘first come, first accepted’ basis, as outlined in the SPP offer documentation.
Funds from the excess applications will be refunded to applicants.
Proceeds raised will provide Kingston with additional working capital to advance its exploration and development activities at its flagship Misima Gold Project in PNG and Livingstone Gold Project in WA, where drilling is scheduled to commence shortly.
Kingston currently owns 81% of the Misima Gold Project and 75% of the high-grade Livingstone Gold Project.