Kalgoorlie Gold Mining Ltd (ASX:KAL) Secures $4m Placement to Accelerate Gold Exploration Activities
13 March 2023
Highlights:
- Firm commitments received to raise $4.0 million via an institutional placement
- The Placement was well supported with strong demand from new and existing investors
- Funds raised to accelerate exploration activities at the Pinjin Gold Project and the Company’s
Lighthorse discovery
Overview:
WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) advised that it has secured firm commitments to raise a total of $4.0 million (before costs) through the proposed issue of approximately 66.7 million new fully paid ordinary shares via an institutional placement at an issue price of $0.06 per New Share.
Funds raised from the Placement will be used to accelerate exploration activities at the Pinjin Gold Project and the Company’s Lighthorse discovery, in addition to general working capital.
The Placement follows the recent commencement of a follow-up reverse circulation (RC) drill program at Lighthorse, where previous aircore drilling returned significant high-grade intercepts (ASX: KAL 07/02/25) including:
- KGAC24152: 17 m at 4.81 g/t Au from 48 m, including 8 m at 9.21 g/t Au from 52 m (hole ends in mineralisation); and
- KGAC24153: 4 m at 4.72 g/t Au from 52 m (hole ends in mineralisation)
Gold assays from RC drilling are being fast-tracked, with results scheduled for mid to late April 2025.
Additionally, the Company has also announced the scheduling of follow-up aircore drilling to test the strike extent of Lighthorse. This program is scheduled to commence in late April.
Company Notes:
Commenting on the Placement, KalGold Managing Director, Matt Painter, said:
“We are delighted with the strong demand received in the Placement. I would like to thank our existing shareholders for their ongoing support and welcome new investors to our register. The Placement significantly strengthens our balance sheet and allows us to accelerate a series of exploration programs at Pinjin and the Company’s Lighthorse discovery as well as completing all our farm-in obligations.
We are excited by the 2,500 metre RC drilling program that is currently underway at Lighthorse. We anticipate strong news flow in the coming months as we accelerate programs to test the subsurface extent of gold mineralisation at Lighthorse and throughout the Pinjin Project.”
Full ASX Announcement: Kalgoorlie Gold Mining ASX Announcement