Media ReleasesKing Solomon Mines Ltd.

View All King Solomon Mines Ltd. News


King Solomon Mines Ltd (ASX:KSO) Share Purchase Plan closes oversubscribed

Share Purchase Plan closes oversubscribed
 
Share Purchase Plan
 
The Director’s of King Solomon Mines Ltd are pleased to advise that the company’s Share Purchase Plan (“SPP”) has closed oversubscribed. The company raised approximately $2.2 million from the SPP which was the maximum amount possible.
 
This brings to $5.3 million the total amount raised firstly from placements undertaken by Bell Potter Securities Limited in November and February and secondly from the SPP. The company is now in a strong position to follow up immediately on success from drilling during the current field season.
 
Drilling
 
Diamond drilling has now commenced at King Solomon’s Mud-house prospect (Sonid North Gold project). The current hole is the first in a program of approximately 2,400 m of diamond drilling. A complementary program of RC drilling is currently being organised following completion of a high-resolution magnetic survey undertaken to assist with hole positioning.
 
The arrival of a deep capacity diamond drill-rig at the company’s Whitehorse porphyry copper prospect at Bu Dun Hua, means that drilling of the first of two planned 1,000m (approximate) diamond-holes can be expected to commence over the next 2-3 days.
Download this document

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.