THE BOURSE WHISPERER: Kin Mining (ASX: KIN) completed a share placement of 42 million shares at five cents per share existing sophisticated shareholders, raising $2.1 million.
Kin Mining said the funding will enable it to complete the Pre-Feasibility Study for the company’s Cardinia gold project and provide additional working capital for the next phase of work on the project assessment after consideration of the PFS outcomes by the Board.
The PFS is due for completion shortly.
“We continue to be encouraged by the support of our major shareholders,” Kin Mining managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.
“The additional funding puts Kin in a stronger financial position to finalise the Pre-Feasibility Study for the Cardinia gold project and commence the next phase of project assessment and development work.”