Australia's Kingsland Minerals hits 7-week low on discounted placement

Kingsland Minerals

01/10/2025 05:24

** Shares of Kingsland Minerals Ltd KNG.AX fall as much as 11.5% to A$0.115, their lowest level since August 8

     ** Gold Explorer to raise A$1.6 mln ($1.05 mln) via placement

** Issue price of A$0.12, a discount of 7.7% to stock's last close

** Also to raise up to A$500,000 via a share purchase plan at same issue price as placement

** Says funds will support pre-feasibility study for Leliyn Graphite Project in Northern Territory of Australia

** About 447,564 shares traded, 2.6x 30-day average

** YTD stock down 16.7%, including current session's move

($1 = 1.5168 Australian dollars)

 (Reporting by Ananya Verma in Bengaluru)

 ((ananya.verma@thomsonreuters.com;))