$12.9M Capital Raising to Unlock Mineral Hill Potential

• $12.9M capital raising to fund exploration and plant expansion
• $4.4M placement and $8.5M underwritten entitlement offer
• Focus on 25,000m drilling program and plant expansion studies
• Strong balance sheet post capital raising

Kingston Resources Limited (ASX: KSN) announced a $12.9M capital raising to unlock the potential of its Mineral Hill operation. The capital raising includes a $4.4M placement and an $8.5M fully underwritten entitlement offer. The primary use of the proceeds will be a 25,000m drilling program to expand the resource and reserve base, and plant expansion studies to increase processing capacity up to 700ktpa. The company expects to emerge well-funded with $32.3M in cash, including a $10M payment from the Misima Gold Project sale.

Kingston Resources expects to have $32.3M in cash post-capital raising.

Kingston Resources aims to expand its Mineral Hill operation through exploration and plant expansion, targeting a larger production base.