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Kin Mining targets A$11.3M raising to advance Leonora, retire Sprott facility

Kin Mining NL is raising about A$11.3 million to accelerate exploration at its Leonora gold project in Western Australia and repay an outstanding Sprott Facility.

The company plans to raise about A$8.9 million though a pro-rata 1-for-3 fully underwritten non-renounceable entitlement offer of about 81.2 million ordinary shares at 11 Australian cents per share.

Meanwhile, an underwritten placement of about 21.9 million shares will target another A$2.4 million, the company said May 30.

Kin intends to use A$3.8 million to expand and extend mineral resources at Leonora, and A$6.7 million to retire the current facility with Sprott.

The company recently decided to suspend construction of the Cardinia plant at the Leonora project until it completes additional test work, engineering design scheduling and cost estimates.