Completes Entitlement Offer and Raises AU$3 Million
Brisbane, Jan 28, 2016 AEST (ABN Newswire) - KGL Resources Limited (
ASX:KGL) advises that the fully underwritten, 2 for 9 non-renounceable pro-rata entitlement offer announced on 29 December 2015 has concluded.
Acceptances were received from shareholders for 18,096,779 new fully paid ordinary shares under the entitlement offer. A total of 285 shareholders accepted the offer, with almost 30% of these applying for top-up shares. The Company's significant shareholders, KMP Investments Pte and Pegasus CP One Ltd, both fully participated in the offer.
The shortfall of 13,353,516 shares will be issued in accordance with the underwriting agreement. In total, the company has raised approx. $3 million before costs.
Denis Wood the Chairman of KGL Resources said "I wish to thank the shareholders for their support in the entitlement issue. The strong take up from existing shareholders is a great show of support in a tough market environment. The funds will be used to further advance the high grade Jervois Copper Project."
About KGL Resources Ltd
KGL Resources (ASX:KGL) is an Australian mineral exploration company focussed on increasing the high grade Resource at the Jervois Copper-Silver-Gold Project in the Northern Territory and developing it into a multi-metal mine.
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