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Kingston Resources - MBK: Livingstone Acq'n & Entitlement Offer to raise $6.34M


-- MBK to acquire Kingston Resources Limited’s 75% interest in the advanced Livingstone gold project in WA
---- Historical Resources at the Homestead prospect1
---- The Kingsley gold deposit with mineralisation defined over 1km and open along strike and drilling data supporting an Exploration Target for this deposit
---- 40km+ of prospective strike length with multiple untested target areas
-- MBK to exercise option to earn up to an 80% interest in the Millennium Project upon finalising earn-in and joint venture agreement terms
---- Exploration success and existing Resource have enabled a significant Exploration Target for the Project
-- Prospectus lodged for a pro rata renounceable 2 for 3 Entitlement Offer to raise up to $6.34 million (Entitlement Offer):
---- Offer Price of $0.008
---- 1 free attaching New Option for every 2 new shares applied for exercisable at $0.016 and expiring 7 December 2023
---- Entitlement Offer partially underwritten by Mahe Capital Pty Ltd for $5 million
---- Sub-underwriters include a cornerstone investor for $3 million
---- Substantial holders and management to participate for $1.1 million
-- Net proceeds of the Entitlement Offer are to be used for consideration for the Livingstone acquisition, exploration programs at Livingstone, Millennium and the Company’s South-East Qld gold projects, business development and working capital

Commenting on the Livingstone Acquisition, the Millennium option and the capital raising, Metal Bank’s Chair, Inés Scotland said: “We are very excited to be announcing these transactions, which will see a transformed MBK holding a significant portfolio of advanced copper and gold exploration projects, all with substantial growth upside.

The acquisition of the advanced Livingstone gold project represents an outstanding expansion opportunity for MBK. The Project includes an existing JORC 2004 Resource at Homestead, the Kingsley deposit with sufficient work to support an Exploration Target, and a project wide study completed by Kingston this year providing us with a compelling series of advanced prospects and exploration targets across the project area.

For more information, download the attached PDF.

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