News: Kin Mining raises $3M, to finalise acquisition of Leonora Gold

Kin Mining (ASX:KIN) has raised $3,000,000 at $0.15 per share which should enable it to finalise the acquisition of the Leonora Gold Project in Western Australia.

The chairman of Kin is notable Australian mining identity Terry Grammar who was a founder and promoter in 1999 of the successful nickel miner Western Areas (ASX:WSA).

The funds will be raised in two tranches through an investment from an unlisted private company Geolord Resources Pty Ltd.

A total of 23,809,524 shares in Kin at a price of $0.15 per share for a total consideration of $3,571,429 and receive a 16% placement fee, providing net funds of $3,000,000 to Kin.

The placement will enable completion of the transaction with the Deed Administrator to acquire all the issued capital of Navigator Mining Pty Ltd, which holds the assets in the Leonora Gold Project.

A $200,000 deposit has already been paid for this acquisition, with a balance of $2.5 million required to complete the transaction.

Shareholder approval will be required.

Previously, Kin Ming had announced it would undertake a 1-for-1 non-renounceable rights issue at $0.15 per share to raise up to $5.8 million.