Kin seeks $10M more

KIN Mining is going back to the market again to raise a further A$10.4 million, less than five months after it raised $11 million as the tarnished company looks to put more cash into its much-delayed Leonora gold project and get a debt monkey off its back.

Kin seeks $10M more Kin seeks $10M more Kin seeks $10M more Kin seeks $10M more Kin seeks $10M more

The incomplete Cardinia plant waits for Kin to get back on track.

Shares in the gold hopeful were again down almost 7% this morning to 8.4c, a new 52-week low as it revelled it will undertake a pro-rata two-for-five non-renounceable entitlement offer at just 8c per share, an 11% to the last traded price and a 17% discount to the 10-day average.
 
The cash will be used to replay the US$3 million outstanding Sprott facility, and to fund resource growth at Leonora over the next 9-12 months as the company seeks to develop a better understanding of the project and optimise the scope of the stalled development, which is now unlikely to be in production until 2020.
 
Work was stopped at the Cardinia processing plant earlier this year after it became clear that the $35 million budget was substanti...