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KGL Resources Completes AU$120 Million Entitlement Offer; Shares Up 7%

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KGL Resources (ASX:KGL) completed its 1 for 1.29 non-renounceable entitlement offer, raising around AU$120 million before costs through the issue of new fully paid ordinary shares at AU$0.20 each, according to a Friday filing with the Australian bourse.

The offer attracted applications for about 333 million shares valued at AU$66.6 million, while the remaining 264.6 million shortfall shares will be issued pursuant to the underwriting arrangement, per the filing.

KMP Investments, the company's largest shareholder, will be allocated roughly 41 million shortfall shares, lifting its ownership stake in the company to 36.2%, the filing said.

The entitlement offer was conducted alongside a conditional placement of about AU$180 million, pending shareholder approval, with the combined equity raising expected to generate total proceeds of around AU$300 million.

New shares under the entitlement offer are expected to be issued on July 28 and begin trading on a normal settlement basis from July 29, the filing added.

The company's shares rose 7% in recent Friday trade.

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