Kin Mining NL successfully completed its partially underwritten 1-for-4 nonrenounceable rights issue to raise gross proceeds totaling about A$5 million, it said Oct. 3.

The company received applications from eligible shareholders for about 11,719,927 new shares, raising A$2.6 million, while the remaining 10,945,796 shares to raise A$2.4 million will be placed by the underwriter, Kamara Group.

Kin Mining will use the proceeds to develop its Leonora gold project in Western Australia, expand exploration, start work on a definitive feasibility study and complete an outstanding payment to Waterton Global Value to make the project fully unencumbered.