Kairos Minerals Ltd (ASX:KAI) has announced it has secured firm commitments for a share placement of approximately $27 million. Kairos Minerals is focused on gold exploration and development in Western Australia’s Pilbara and Goldfields regions. The company intends to use the funds to advance its key gold projects. The placement saw strong demand from both new and existing domestic and international institutional investors. Petra Capital acted as the sole Lead Manager and Bookrunner, with Bell Potter Securities and Evolution Capital acting as Co-Managers.
The placement price was set at $0.04 per share, representing no discount to the last closing price immediately before the announcement. This also represents a 2.1% premium to the five-day volume weighted average price (VWAP) of $0.039 per share. The funds raised will primarily be directed towards drilling and feasibility studies at the company’s flagship 1.4Moz Mt York Gold Project in WA’s Pilbara. This includes the 1,500m extension of mineralisation secured from PLS, regional exploration around Mt York, and resource drilling at the Roe Hills Gold Project in WA’s Goldfields.
Kairos anticipates receiving a second $10 million payment in 2025 from the sale of non-core ground surrounding its Pilgangoora operations. This payment may be received in cash or PLS shares at PLS’s election. According to Managing Director Dr Peter Turner, the demand for the placement confirms the market’s understanding of the value and opportunity within the company’s asset portfolio.
The company will issue a total of 673,478,046 new shares under the placement, allocated under ASX Listing Rules 7.1 and 7.1A. Settlement of the placement shares is expected on 22 October 2025, with allotment occurring around 23 October 2025.
