Saturday, July 24, 2021

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King Island Scheelite: Raises funds for Tungsten Mine

  • 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

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