By Sheri Kasprzak
New York, Dec. 12 - King Island Scheelite Ltd. said it has concluded a private placement for A$5 million.
The company issued 5 million shares to existing and institutional investors.
Austock Securities Ltd. was the placement agent.
Proceeds will be used to advance the company's production of tungsten at the King Island Scheelite project in Tasmania.
Separately, the company instituted a share purchase plan to its existing shareholders for up to A$5,000 in shares each for up to A$3.25 million.
Based in Sydney, Australia, King Island is a tungsten exploration company.
| Issuer: | King Island Scheelite Ltd.
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| Issue: | Stock
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| Amount: | A$5 million
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| Shares: | 5 million
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| Price: | A$1.00
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| Warrants: | No
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| Placement agent: | Austock Securities Ltd.
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| Settlement date: | Dec. 12
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| Stock price: | A$1.15 at close Dec. 12
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