King Solomon Mines (ASX:KSO) is raising up to $919,188 through a...

King Solomon Mines (ASX:KSO) is raising up to $919,188 through a fully underwritten rights issue to fund exploration work on its projects in Inner Mongolia and China as well as to search for new resources business opportunities.

The three-for-two renounceable rights issue of 459,594,209 shares is priced at $0.002 each.

This is underwritten by Taylor Collison with company directors Thomas O’Loughlin and James Taylor acting as sub-underwriters to a maximum of 15 million shares each, or $30,000.

Over the past year, KSO has sought buyers for its principal project Sonid North Gold Project in Inner Mongolia, China though a sale has yet to be concluded.

Last week, it reached agreement for the sale of its Naogaoshandu and Marmot exploration licences in Inner Mongolia as settlement for 301,000 Chinese Yuan (A$56,000) in outstanding debts.

The company has also reviewed a number of potential new projects for acquisition.

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