ASX-listed Kin Mining has completed the sale of selected gold deposits in the Cardinia gold project, in Western Australia, to fellow-listed Genesis Minerals.
The completion of the transaction this week resulted in Kin receiving A$15-million in cash and 21.92-million fully paid shares. With the issue of additional shares, Kin's shareholding in Genesis increased to 38.03-million shares, or about 3.4% of its issued share capital.
With A$80-million in cash and liquid assets, Kin is now well funded to pursue a range of strategic opportunities.
“We are very pleased to announce the completion of this transformative transaction, which crystallises significant value for our shareholders from the company’s efforts over the years to build a substantial resource inventory at the Cardinia gold project.
"Kin is now in an enviable position in the junior resources space, with a very strong balance sheet and the ability to move forward with a range of exciting strategic opportunities,” said executive chairperson Rowan Johnston.
In the near term, Kin will start drilling and testing the newly discovered volcanic-hosted massive sulfide horizons at Cardinia and then move on with drilling for deeper and higher grade gold targets.