Existing shareholders have demonstrated their confidence in Killi by subscribing for $1m of $1.4m worth of shares on offer under its fully underwritten entitlement offer.

The remaining $420,000 worth of shares (7,695,364 shares priced at 5.5c each) will be placed according to the underwriting agreement with Canaccord Genuity (Australia), ensuring that the company is funded for further exploration at the Ravenswood North project.

Killi Resources (ASX:KLI) recently completed maiden reverse circulation and diamond drilling at Ravenswood North and is currently awaiting assays.

Proceeds from the entitlement offer, which includes the issue of one free attaching option exercisable at $0.20 and expiring three years from the date of issue for every two shares subscribed, will also be used to start exploration at the Mt Rawdon West project and follow-up targets generated at the West Tanami project in the Kimberley.

Funded for exploration

Ravenswood North is located close to and is analogous in geology to the 8Moz Ravenswood Deposit about 53km along strike and the Mt Leyshon Deposit.

The recently completed drilling was designed to test the centre of the interpreted intrusive unit from the geophysics, similar to Mt Wright.

Meanwhile, a recent diamond hole drilled by the company at Tanami West has drawn attention after intersecting 4.2m of massive sulphides grading 728ppm copper, 58ppm cobalt and 0.46g/t silver from 839m.

The discovery came within a 70m wide mafic unit from 818m-888m identified in geological logging, with a 10m zone within that of increased pyrrhotite and chalcopyrite sulphides grading from disseminated to semi to massive downhole picked up last year.

Its recently granted Rawdon West project is located in a prime position within the historical Mt Perry Goldfield.

Geochemical and structural targets have been identified and are ready for drill testing

 

 

This article was developed in collaboration with Killi Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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