Kalgoorlie Mining Company strengthens balance sheet with A$9.7m fully underwritten raising 

(MENAFN - ProactiveInvestors - Australia) Kalgoorlie Mining Company (ASX: KMC) has now successfully completed its A9.7 million fully underwritten three for one non-renounceable rights issue and will resume trading on the ASX tomorrow, Tuesday 26 June.

A total of around 976 million new shares were issued to eligible shareholders with the balance taken up by the underwriters.

With a strengthened cash position, Kalgoorlie Mining now plans to undertake the following activities:

- Developing and reviewing exploration programs across the company's tenement area;
- Further consideration of the care and maintenance program at the Bullant gold mine;
- Investigation and analysis of possible future mining plans;
- Further reassessment of the mining operations, costs and performance;
- A general strategic review of all corporate matters including suitable executive management; and
- Consideration of other suitable corporate or acquisition opportunities.

The company has previously stated that around A5.05 million of the proceeds raised will be allocated to paying its creditors in full.

Around 1.5 million has been allocated to the ongoing care and maintenance of the Bullant Project and 0.49 million to paying ongoing tenement administration and exploration costs.

The remaining 2.72 million will be applied towards corporate and compliance costs, general working capital and expenses of the issue.