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PATRONUS RESOURCES LIMITED — Capital/Financing Update 2018
Feb 6, 2018
65620_rns_2018-02-06_0ecb80d9-45b9-4ea2-8ce3-1ade9d0471e0.pdf
Capital/Financing Update
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ASX Code: KIN
Board of Directors
Trevor Dixon
Chairman
KIN SUCCESSFULLY COMPLETES RIGHTS ISSUE OVERSUBSCRIBED
Don Harper Managing Director
David Sproule Technical Director
Joe Graziano
Non-Executive Director & Company Secretary
Kin Mining NL (ASX: KIN) today announced the successful completion of its 1 for 16 non-renounceable rights issue.
Kin received applications from eligible shareholders for 15,891,423 new shares (including applications for additional new shares), which raised $3,972,856 and was over-subscribed by $783,927
Kin Managing Director, Mr Don Harper, said he was very pleased with the strong support received from shareholders.
Contact Details
Post
PO Box 565 Mount Hawthorn Western Australia 6915
Office
342 Scarborough Beach Road Osborne Park Western Australia 6017
“This show of support from the majority of our shareholder base for our team and growth initiatives renews our enthusiasm to drive shareholder returns and exceed expectations,” said Mr Harper.
“With this funding in hand, we can now accelerate our development strategy and anticipate a steady flow of news in the coming months,” he said.
The total cash raised by the Company from the rights issue will be $3,188,929 (before costs) and total new shares of 12,755,717. The Board at its discretion has scaled back additional applications. .
Phone
08 9242 2227
Proceeds from the rights issue will strengthen the Company’s Balance Sheet and be used to develop the 100%-owned Leonora Gold Project and expand exploration.
Fax
08 9242 1277
Kin will have a total of 221,347,198 shares and 40,955,667 unlisted options on issue following allotment of all shares. The Company’s new capital structure is set out in the Appendix 3B, lodged on 15 January 2018.
Website
-ENDS-
Shares on Issue:
221,347,198 Unlisted Options : 40,955,667 ASX: KIN
For further information, please contact:
Don Harper Kirsty Danby Managing Director Platform Communications Kin Mining NL +61 8 9242 2227 +61 8 6467 7640
About Kin Mining
Kin Mining (ASX: KIN) is an emerging gold development company with a significant tenement portfolio in the highly prospective North-Eastern Goldfields region of Western Australia. The Company has completed its Definitive Feasibility Study on the Leonora Gold Project forecasting an average production rate of 55,000oz[1] pa. The Company has also upgraded its resources to 1.02Moz[2] and released its Maiden Ore Reserve of 373,000oz[1] . Kin is seeking to increase shareholder value through continued aggressive exploration on its tenements and achieving gold production in the second half of 2018.
1The 2 October 2017 DFS included the proposed 3.75% West Australian Government Gold Tax. This proposal has since been rejected with the revised AISC now A$1,018/oz. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement of 2 October 2017 “Feasibility confirms a high margin gold mine for Kin at its Leonora Gold Project”, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. For Reference see ASX Announcement 2/10/2017 Feasibility confirms a high margin gold mine for Kin at its Leonora Gold Project
2The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Announcement of 30 August 2017 “Kin Defines +1 Million ounces of Gold at the Leonora Gold Project”, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.