Kingsgate Consolidated has announced it is seeking to raise up to $59 million via a placement and entitlement offer

Kingsgate Consolidated has announced it is seeking to raise up to $59 million via a placement and entitlement offer. Funds for the raising have been flagged for debt retirement, advancing two early stage projects and for corporate working capital. The capital raising has been deeply discounted at 22.5% lower than KCN's most recent closing price. The Company has received an $11million commitment for the placement from Resource Capital Fund with additional underwriting from Morgan Stanley and CIMB taking commitments to $39million. The capital raising comes shortly after long time CEO Gavin Thomas has announced he will step down from the role in June of this year. Release here (VIEW LINK)