Mac Equity successfully completed an oversubscribed placement in ASX listed tungsten company King Island Scheelite Limited (ASX:KIS). The $1.375m placement was strongly supported by sophisticated and professional investors.
King Island Scheelite’s sole focus is the exploration, development and ultimately the production of tungsten from its Dolphin Project located at Grassy on the South East cost of King Island, Tasmania. The original Dolphin Mine operated between 1917 and 1992, supplying tungsten concentrate (WO3) to global markets. The mine closed in 1992 due to extremely low tungsten prices rather than from a lack of reserves or operational issues. KIS has an optimised redevelopment plan for the Dolphin Project, which has JORC (2012) compliant Mineral Reserves of 3.14Mt at a grade of 0.73% WO3 at a 0.2% cut-off. Mineral Resources, including the Mineral Reserves, total 9.6Mt at a grade of 0.90% WO3 at a 0.2% cut-off. For more information on King Island Scheelite, visit the company’s website (www.kingislandscheelite.com.au).