Copper firm KGL to raise A$15m in entitlement offer
KGL will use the proceeds of the offer to advance work at the Jervois project, near Alice Springs.
Explorer and developer KGL Resources, which owns the Jervois copper project in the Northern Territory, on Monday announced an entitlement offer to raise A$15.1-million.
The proposed 4 for 15 pro-rata traditional nonrenounceble entitlement offer is not underwritten and is subject to a minimum raise of A$6-million.
The offer price for the new shares will be A$0.10, with up to 151.3-million new shares to be issued.
KGL’s share price fell by 8.7% following the announcement to trade at A$0.10 a share.
KGL’s major shareholder, KMP Investments, has committed to take up its entitlements in full, which will provide funding of about A$4.8-million.
The company will use the proceeds of the offer to advance work at its Jervois project, where it aims to be in production by 2027.
A feasibility study update is slated for the third or fourth quarter of this year.
KGL is also continuing drilling campaigns around and within the existing mineral resource, with the aim of increasing the quality and size of the resource.
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