Kin Mining Ltd’s (ASX:KIN) non-renounceable rights issue of one new share for every seven shares at an issue price of 11 cents per new share has closed following strong support, particularly from major shareholders.
The company received acceptances for more than 55.147 million new shares valued at more than $6.066 million with a shortfall remaining of 34,808,571 new shares.
Kin's directors were encouraged by the level of support shown by shareholders, including its two largest shareholders who both sought 100% of their entitlements by subscribing for 35,031,330 shares valued at $3.853 million and representing 39% of the proposed $9.9 million total.
The funds received will enable Kin to complete the third phase of its exploration program at the Cardinia Gold Project (CGP), which is in full swing.
Two rigs operating
Managing director Andrew Munckton said: “The funds raised will enable Kin Mining to continue its systematic exploration program over the Cardinia Gold Project tenure.
“Our Phase 3 drilling program commenced in late June and is already well underway with two drill rigs operating.
“RC drilling is already complete at Cardinia Hill and has moved onto initial assessment of the multiple other exciting target areas and emerging discoveries.
“We are looking forward to a strong flow of news in the coming weeks.”
The company has also received expressions of interest from the major shareholders to participate in any shortfall.
Kin retains the right to place the shortfall on no worse terms in the three months following the completion of the Entitlement Offer at the directors’ discretion.