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King Island Scheelite Ltd To Raise $1,969,000

Wednesday, 29 May 2013 03:43am EDT 

King Island Scheelite Ltd announced a capital raising in order to progress the redevelopment of its world class tungsten mine on King Island, Tasmania. Following the completion of a‘value engineering, that confirmed the potential to improve on the Definitive Feasibility Study (DFS) completed in 2012, capital is being raised to update the DFS and revise any approvals required. To fund the next stage of this project, shareholders are invited to subscribe to shares through a rights issue to raise up to $1,969,000. Other key terms of the offer include: 2 shares for every 5 shares held; non-renounceable rights issue; fully underwritten; priced at a 20% discount to the 30 day VWAP. Funds will be used to update the DFS, fund ongoing activities and undertake some exploration drilling on tenements held. 

Company Quote

5 Dec 2014