- King Island Scheelite (KIS) has received binding commitments to raise over $2.5 million via a placement
- All up, roughly 46.7 million new fully-paid ordinary shares will issued to institutional and sophisticated investors at 5.5 cents each
- Additionally, participants will receive one free attaching listed option for every two new shares issued, however, this is subject to shareholder approval
- King Island Scheelite will use the funds to further advance its Dolphin Tungsten Mine on King Island near Tasmania
- The capital investment to re-establish the mine is about $65 million to $75 million
- KIS is currently up a healthy 33.3 per cent with shares trading for 8 cents each
