Kuniko raises A$8M, drilling commenced

Our European battery metals investment, Kuniko (ASX:KNI), just completed a capital raise in which notable resource investor John Hancock added to his position as a cornerstone investor.

KNI raised $8M via a placement @ $1 per share with the 8,000,000 shares to be issued on 6 May 2022.

As well as being cornerstoned by John Hancock, the KNI directors committed to taking $315k of the raise on the same terms.

In yesterday’s announcement, KNI also said that it would seek to raise a further $2M via a Share Purchase Plan (SPP) with the following key dates:

• Record date: 29 April 2022
• Closing date: 27 May 2022
• Issue date: 1 June 2022 (Just in time for the completion of the drilling program which KNI confirmed would be some time in June).

This means that those who were holding shares at the close of market on the 29 April will be eligible to bid for a maximum of $30,000 in new shares, on the same terms and conditions as the placement.

The capital raise comes as KNI has just launched its first drilling program across its high priority geophysics targets from its cobalt project in Norway.

The current drilling program is key objective #2 of our 2022 KNI Investment Memo.

To see all of the key objectives we want to see KNI achieve this year, the reasons why we continue to hold KNI in our portfolio, and the key risks to our investment thesis.

Check out the memo by clicking the image below.