Business
Why the King Island Scheelite (ASX:KIS) share price is surging 18% today
The King Island Scheelite Limited (ASX: KIS) share price is rocketing in mid-afternoon trade following a completed capital raise.
At the time of writing, the mining company’s shares are swapping hands for 26.5 cents, up 17.78%.
What’s driving the King Island Scheelite share price higher?
The King Island Scheelite share price pushes higher as investors appear to welcome the company’s efforts to become debt-free.
In today’s release, King Island Scheelite advised that it has completed a placement to raise $5.6 million. This will see 28 million new ordinary shares issued, which the company offered at 20 cents apiece.
The company…
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