- Kingsland Minerals (KNG) has tapped investors for $3.6 million through a placement to advance its Leliyn graphite project in the Northern Territory
- The company will issue approximately 11.3 million new shares at 32 cents apiece to new and existing shareholders
- Bacchus Resources has also provided cornerstone support to maintain its 11.2 per cent stake in Kingsland
- Upon completion of the placement, KNG is well-positioned with a cash balance of around $5.5 million
- KNG shares last traded at 35.5 cents
Kingsland Minerals (KNG) has tapped investors for $3.6 million through a placement to advance its Leliyn graphite project in the Northern Territory.
The company announced it will issue approximately 11.3 million new shares at 32 cents apiece to new and existing shareholders. The issue price represents a 13.5 per cent discount to KNG’s closing price on June 20, of 37 cents.
Bacchus Resources has also provided cornerstone support to maintain its 11.2 per cent stake in Kingsland.
The fresh funds from the placement will go toward exploration and development work program at the Leliyn project.
“We look forward to providing continuous news flow over the coming months with RC drilling ongoing and several assays pending,” Kingsland Managing Director Richard Maddocks said.
The company announced that upon completion of the placement, it’s well-positioned with a cash balance of around $5.5 million.
KNG shares last traded at 35.5 cents.