Kin Mining NL intends to raise A$10 million to accelerate gold exploration at the Cardinia mining center, located within its Leonora project in Western Australia.
The company said Dec. 18 that it has received heavily oversubscribed firm commitments to raise A$7 million via the issue of 28.0 million fully paid ordinary shares at 25 Australian cents per share.
Additionally, Kin will allow existing eligible shareholders to participate in a A$3 million entitlement issue on the same terms.
The company will undertake a pro-rata entitlement issue of about 12.0 million common shares on the basis of one new share for 16 shares held.
Kin's board decided to develop the Leonora project earlier during this month after completion of a definitive feasibility study and execution of a US$27 million binding senior secured credit facility.
The offer is expected to close Feb. 2, 2018.