King Island Scheelite (ASX:KIS) share price explodes 58% higher today // The Motley Fool Australia

The King Island Scheelite Limited (ASX: KIS) share price is roaring 58% higher this morning at 24 cents after the company announced a $10 million loan funding package.

King Island Scheelite’s predominant focus is the redevelopment of the company’s 100% owned Dolphin Tungsten mine located on King Island, Tasmania.

Tasmanian government puts up $10 million, King Island Scheelite share price leaps

In support of the Dolphin Tungsten Project, King Island Scheelite has secured a $10 million loan funding package over a 10-year period from the Tasmanian government.

Loan repayments will be on a monthly basis starting off as interest only. On the first day of the month following the second anniversary of the initial loan drawdown, fixed…