Australia's King Island rises as co secures funds for Tasmania tungsten project

Group 6 Metals

06/09/2021 02:59

** Shares of King Island Scheelite Ltd  KIS.AX  jump as much
as 23.53% to A$0.21 - their biggest intraday pct gain since
March 16
    ** The Australian tungsten producer confirms https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02417899-2A1321498?access_token=83ff96335c2d45a094df02a206a39ff4
 additional A$33 mln ($24.54 mln) debt funding for redevelopment
of its Dolphin tungsten project in Tasmania
    ** Says co is in the process to renegotiate A$10 mln
Tasmanian government loan announced in Feb 
    ** King Island intends to fund its mobile mining fleet via a
leasing arrangement 
    ** Stock at its highest since Aug 9
    ** About 2.1 mln shares changed hands, more than 3x their
30-day avg in their busiest trading day since Aug 16
    ** Stock up 70% so far this year, as of last close  
  

    ($1 = 1.3446 Australian dollars)

 (Reporting by Dhriti Garg in Bengaluru)
 ((Dhriti.Garg@thomsonreuters.com))