$3.4 million Placement and Entitlement Offer

Key points

• $2.3M raised via Placement, $1.1M via Entitlement Offer
• Funds to accelerate exploration at Pinjin Gold Project
• Lighthorse discovery shows high-grade gold potential
• Strong investor support for both Placement and Entitlement Offer

Full summary

Kalgoorlie Gold Mining Ltd (ASX: KAL) has secured firm commitments to raise approximately A$2.3 million through an institutional placement and an additional A$1.1 million via a non-renounceable entitlement offer to eligible shareholders. The funds will be used to accelerate exploration activities at the Pinjin Gold Project, with a particular focus on new, high-grade gold targets at the Lighthorse discovery. The placement was well supported, with strong demand from both existing and new investors. The company plans to use the funds to conduct further drilling at Lighthorse and other under-explored areas within the project. The placement and entitlement offer terms include an issue price of $0.02 per share, representing a 13.0% discount to the last closing price. The company aims to leverage the newly strengthened balance sheet to systematically explore and define the full gold endowment of the Pinjin project.

Guidance

Approximately A$3.4M raised via Placement and Entitlement Offer

Outlook

The company plans to use the raised funds to accelerate exploration activities at the Pinjin Gold Project, with a focus on high-grade gold targets at the Lighthorse discovery.