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.
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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).
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