en.Wedoany.com Reported - Australia's KGL Resources (ASX:KGL) has secured firm commitments of approximately A$180 million through a conditional institutional placement bookbuild.

The company plans to issue approximately 902 million new shares at A$0.20 per share, subject to approval at an extraordinary general meeting expected to be held on July 30, 2026.

This placement is part of a larger A$300 million equity raising announced by KGL on June 25. The fundraising also includes a A$120 million pro-rata non-renounceable rights offer, which will open on July 3, 2026.

The issue price of A$0.20 per new share represents a 25.2% discount to KGL's last traded price of A$0.2675 on June 24, 2026.

Under the rights offer, eligible shareholders on the register as of June 30, 2026, can subscribe for 1 new share for every 1.29 existing shares held at the issue price.

Eligible shareholders who fully exercise their rights may also apply for up to an additional 100% of their pro-rata entitlement through a top-up facility.

KGL said the conditional institutional placement bookbuild attracted demand from leading global investor groups and received support from existing shareholders, including its largest shareholder and streaming partner Wheaton Precious Metals (NYSE:WPM).

Proceeds from the equity raising, together with the Wheaton Precious Metals streaming agreement and the company's existing cash, will be fully used to fund the development and construction of the Jervois copper project through to production, while also covering exploration, drilling, and corporate overheads.

Chairman Jeff Gerard said the fundraising marks a transformation for the company. "This equity raising is a significant step in transitioning KGL from an exploration company to a copper mine developer and operator," he said.

CEO Sam Strohmayr said the company is now focused on execution. "Our plan is to start construction this year and begin open-pit mining next year," he stated.

The rights offer is fully underwritten, excluding KMP entitlements and approximately A$17 million in commitments from existing institutional shareholders.

KGL expects the offer document to be lodged with the ASX and sent to shareholders on July 3, 2026, with the rights offer closing at 5:00 PM Sydney time on July 22, 2026.

KGL Resources is a mineral exploration and development company focused on its Jervois copper-silver-gold project in Australia's Northern Territory.