The Australian Securities Exchange put the Western Australian company into a voluntary trading halt this morning at 11.24 market time.
Kin company secretary Stephen Jones wrote to ASX Ltd (ASX:ASX), saying: “Kin Mining NL requests the granting of a trading halt in KIN’s ordinary securities listed on the ASX pending the release of an announcement clarifying certain communications from a shareholder to other shareholders.”
Jones said in the letter disclosed to market that the halt would apply until the announcement was released or upon opening of trading on Wednesday, October 7, 2018.
The company identified new drilling targets for its Leonora project in the Leonora-Laverton region last month after launching a $10.4 million rights issue.
Kin is undertaking project-wide targeting efforts as it also explores and drills at the project’s main mining centres – Cardinia, Mertondale and Raeside – and conducts ongoing development studies as it moves towards making a development decision flagged for next year.
Kin’s 2:5 rights issue was priced at 8 cents a share to raise up to $10.4 million.
The company’s securities last traded at 8.2 cents.