Kin Mining: Eyes $20.4m to advance Cardinia project, WA

Kin Mining Eyes $20.4m to advance Cardinia project, WA

• Kin Mining (KIN) eyes $20.4 million to advance its Cardinia project in Western Australia’s Goldfields-Esperance region
• The capital raise comprises of a $9.7 million placement with shares offered at 7.5 cents, of which new investors contributed $5 million and existing shareholders, $4.7 million
• A non-renouncable entitlement offer to raise a further $10.7 million will open to existing shareholders on August 29 on a one-for-seven basis at the same price as the placement
• The funds will underpin KIN’s next phase of growth at the Cardinia project where it remains confident its tenure will yield further significant discoveries
• KIN shares resumed trade today and drop 14.3 per cent to close at 7.8 cents