Australia's Kin Mining falls most in over 2 years on discounted placement

Patronus Resources

18/08/2022 04:46

** Shares of Kin Mining  KIN.AX  fall as much as 19.8% to
A$0.073, tracking their worst day since May 26, 2020 - if losses
hold
    ** Gold miner announces about a A$20.4 million capital raise
via a share placement and a proposed non-renounceable
entitlement offer  urn:newsml:reuters.com:*:nFWN2ZT5LC
    ** Says that share placement will raise about A$9.7 mln,
while entitlement offer will raise an additional A$10.7 mln
    ** Co says funds will be used to developing existing and new
prospects with the Cardinia Gold project and across the broader
Leonara district, in Western Australia 
    ** Placement price of A$0.075 per share represents a 16.7%
discount to last traded price on Aug 15 
    ** Shares hit lowest since July 6 
    ** Stock has fallen 17.3% this year as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))