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- Kairos Minerals (KAI) has received firm commitments to undertake a $9 million share placement
- The funds will be raised via the issue of 180 million fully-paid ordinary shares to sophisticated and professional investors at five cents each
- Participants will also receive one free attaching option for every two shares subscribed for, exercisable at eight cents with expiry three years from issue
- Kairos will use the funds to progress drilling at the Fuego prospect and undertake campaigns at the Mt York, Kangan, and Skywell projects
- The money will also go towards exploration and regional activities at the Pilbara Gold Project as well as general working capital
- Kairos is steady on the market and shares have been trading for 6.6 cents since September 18
Kairos Minerals (KAI) has received firm commitments to undertake a $9 million share placement.
On September 21 the company announced it had entered two consecutive trading halts to consider, plan and execute a capital raise.
The funds will be raised through the issue of 180 million fully-paid ordinary shares to sophisticated and professional investors at five cents each.
This price represents a 15 per cent discount to the 10-day volume-weighted average price, and a 10 per cent discount to the 15-day volume-weighted average price.
Participants will also receive one free attaching option for every two shares subscribed for, exercisable at eight cents with expiry three years from issue.
Shares are expected to settle on September 29.
Kairos will use the funds to progress drilling at the Fuego prospect and undertake new campaigns at the Mt York, Kangan, and Skywell projects.
The money will also go towards exploration and regional activities at the Pilbara Gold Project as well as general working capital.
“Thanks to the strong support shown from major strategic and institutional investors, we are now in a position where we can significantly expand our exploration activities and push forward on multiple fronts with view to unlocking what we believe could be the Pilbara’s next major gold discovery,” Executive Chairman Terry Topping said.
“The proceeds from this raising will ensure that we can approach programs in a focused and systematic manner, fully evaluate all the targets we have delineated and push on with aggressive drilling,” he added.
Kairos is steady on the market and shares have been trading for 6.6 cents since September 18.
