Australia-based gold development and exploration company Kin Mining has concluded the sale of select gold deposits within its Cardinia Gold Project in Western Australia (WA) to Genesis Minerals (GMD).

Under the deal, Kin secured A$15m ($9.78m) in cash and 21,917,532 fully paid Genesis Minerals shares.

Prior to this transaction, Kin already held a substantial number of shares in Genesis Minerals.

With the additional shares, Kin’s stake in Genesis Minerals has increased to 3.4%, constituting 38,033,337 shares.

The company is now well-funded, with A$80m in cash and liquid assets, which will enable the company to pursue a range of strategic opportunities that are currently available to it, potentially leading to further growth within the mining sector.

 Kin Mining executive chairman Rowan Johnston said: “We are very pleased to announce the completion of this transformative transaction, which crystallises significant value for our shareholders from the Company’s efforts over the years to build a substantial resource inventory at the Cardinia gold project.

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“Kin is now in an enviable position in the junior resources space, with a very strong balance sheet and the ability to move forward with a range of exciting strategic opportunities.

“In the near term, we are excited to be drilling and testing the newly discovered VHMS horizons at Cardinia and then moving on with commencing drilling for deeper and higher grade gold targets.

“Kin will continue to adopt a disciplined and focused approach as it seeks to add value for its shareholders across its exploration portfolio and other opportunities.”