- King Island Scheelite (KIS) has entered a trading halt as it gears up to announce a capital raise
- Shareholders will have to wait until October 23 to find out how much the company is planning to raise, unless it releases the details early
- King Island first flagged the idea of raising equity when it released its quarterly report yesterday
- The company revealed it ended the September quarter with $238,000 worth of cash in the bank
- It also burnt through over $400,ooo during the same period, with the biggest expense being exploration and evaluations costs
- Shares in King Island Scheelite last traded for 6 cents on October 20
Mining company King Island Scheelite (KIS) has entered a trading halt as it gears up to announce a capital raise.
KIS shareholders will have to wait until Friday, October 23, to find out how much the company is planning to raise, unless it decides to release the details early.
The proposed equity raise shouldn’t come as a complete surprise though, as King Island first flagged the idea in its recent quarterly report.
The financial and activities update revealed the company ended the recent September quarter with $238,000 worth of cash in the bank.
In comparison, KIS ended the previous quarter with $651,000 worth of cash in the bank.
King Island also burnt through over $400,ooo during the September period, with the biggest expense being exploration and evaluations costs.
The company spent the quarter advancing its flagship Dolphin Tungsten Project which is located on King Island, Tasmania.
It successfully secured an offtake agreement with Kalon Resources in September, for the supply of 1500 tonnes per annum of tungsten concentrate from Dolphin.
Before today’s trading halt, shares in King Island Scheelite last traded for 6 cents on October 20.