Australia's Kin Mining hits nearly two-year low on discounted capital raise

Patronus Resources

18/01/2023 02:38

** Shares of Kin Mining  KIN.AX  slump as much as 13.8% to
A$0.053, their lowest since May 2020     
    ** Gold explorer says it has announced an non-renounceable
entitlement offer to raise up to A$19.2 million  ($13.43
million)  urn:newsml:reuters.com:*:nFWN3423SM 
    ** Co says proceeds to be used to follow-up on exploration
activities at its 100%-owned Cardinia Gold Project near Leonora
in Western Australia
    ** Offer price of A$0.055 per share is at a 12.7% discount
to last traded price on Jan 17 
    ** Stock sees worst day since Aug. 18, if losses hold 
    ** Stock has fallen ~5.4% this year, as of last close
($1 = 1.4298 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))