KIN rejected SBM's opportunistic takeover offer @ $0.16/share
Subsequent Rights Issue was well supported by several Top 20 shareholders of KIN.
Naturally there will be a bit of selling price pressure in the KIN share price because of the $0.105/share CR pricing.
But it won't last forever and clearly management believe that they are worth more than the $0.16/share that was lobbed by SBM.
SBM has a relatively high AISC in Leonora $1,650/oz – grade is around 4g/t (not sure if this is underground or not). They will be keen to acquire resource that can help lower their AISC and increase resource. That seems to be the play with Bardoc Gold.
Let's see how this ones plays out another 9 - 12 months from now. If KIN continues to progress its resource estimates then we could see another attempt by SBM at a much higher price (i.e. $0.25/share or more).
Wolf
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