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King Island Scheelite: Raises funds for Tungsten Mine

October 24, 2020

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