K92 Mining has entered into an agreement with Clarus Securities Inc as lead agent on behalf of a syndicate of agents, to raise up to C$16 million through a marketed offering of up to 20 million units of the company.
The proceeds will be used by the company for exploration and development of the company's Papua New Guinea mineral properties and for general corporate purposes.
The offering is scheduled to close on or about June 21 and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals of the TSX Venture Exchange.
K92 is focused on advancing the Kainantu Gold Project in the Eastern Highlands province of PNG. The property covers a total area of approximately 410sqkm and was previously mined by Highlands Pacific and Barrick Gold from 2006-2009. K92 Mining was purpose-built for the acquisition of the Kainantu mine.