Kairos raises $7 million to fund Pilbara gold project
Kairos Minerals (ASX:KAI) has raised $7 million through a placement to sophisticated and professional investors at a price of 5.5 cents per share.
This capital will be used to fund ongoing exploration at the Pilbara gold project, including the recently expanded conglomerate gold program and ongoing resource expansion drilling at the 258,000 ounce Mt York project.
KAI’s Executive Chairman, Terry Topping, said, “This is a watershed moment for the company which confirms our position at the forefront of the new Pilbara gold rush, and we are delighted to welcome Eric Sprott as a cornerstone shareholder and participant in this pivotal capital raising, which puts Kairos in an exceptionally strong position to pursue aggressive exploration programs across our key projects.”
Of course it is still in its early stages and investors should seek professional financial advice if considering this stock for their portfolio.
Topping noted that the capital raising funds combined with proceeds from option conversions would increase the group’s cash position to more than $10 million. The news was certainly well received by investors with the mid-morning high of 7.1 cents implying an increase of more than 25 per cent relative to yesterday’s closing price of 5.6 cents.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
The funds will also be used to undertake follow-up drilling at the Roe Hills project, located 120 kilometres east of Kalgoorlie in Western Australia where drilling earlier this year returned numerous significant results immediately south along strike from the Lake Roe/Bombora discovery currently being drilled out by Breaker Resources (ASX: BRB).
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.