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King River Resources will bring forward gold exploration after receiving commitments to raise $2 million

The company has also received a Junior Minerals Exploration Incentive scheme allocation of up to $975,000 in tax credits which can be distributed to eligible shareholders.

King River Resources Ltd - King River Resources receives commitments to raise up to $2 million advancing gold exploration programs
Placement shares are expected to be issued by July 27.

King River Resources Ltd (ASX:KRR) has received firm commitments from professional and sophisticated investors for a placement of more than 66.666 million shares to raise $2 million.

This placement at 3 cents per share plus one free attaching option for every two shares, will be used to bring forward gold exploration programs at Mt Remarkable in Western Australia and Tennant Creek in the Northern Territory.

The options have an exercise price of 6 cents and an expiry date of July 31, 2022

Shares are expected to be issued on July 27 and options are expected to be issued on or around the same time as the share purchase plan.

Junior Minerals Incentive scheme

In a further boost for King River, the company’s application to participate in the Junior Minerals Exploration Incentive scheme has been approved by the Australian Taxation Office (ATO).

King River has received an allocation of up $975,000 in tax credits which can be distributed to eligible shareholders.

Eligible investors must be Australian resident shareholders who apply for and are issued new shares in the company’s capital raising activities between July 1, 2020, and June 30, 2021.

JMEI credits will be distributed to all eligible investors on a pro-rata basis.

Eligible shareholders that participate in the security purchase plan (SPP) and placement investors will be entitled to participate in the JMEI tax credits for the 2020 -2021 tax year.

Quick facts: King River Resources Ltd

Price: 0.033 AUD

ASX:KRR
Market: ASX
Market Cap: $51.27 m
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King River Resources Ltd - Elevator Pitch

Anthony Barton, non executive chairman of King River Resources Ltd (ASX:KRR), pitches the company to investors. For more information visit https://kingriverresources.com.au/

on 24/1/19

2 min read