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K92 Mining upsizes placement to C$6.5M to buy gravity circuit for Kainantu

K92 Mining Inc. on Feb. 13 upsized its previously reported best-efforts placement to C$6.5 million, comprising up to 14,444,500 units at 45 cents each.

The company initially sought to raise up to C$5 million through an offering of 11,111,200 units at the same price. The financing is expected to close on or around March 5, subject to various conditions including approval from the TSX Venture Exchange.

K92 Mining will use the proceeds to purchase a gravity circuit for its Kainantu gold mine in Papua New Guinea, to fund exploration and development of its mineral properties and for general working capital.

The Kainantu mine achieved commercial production earlier in February.