The $24 million is priced at 42c per share, with the funding to go towards its feasibility work and exploration.
Undisclosed institutions have outlaid half the funding sought, with the balance to be raised by a non-renoucemeable entitlement
Prefeasibility numbers included a net present value of $177 million pre-tax and an internal rate of return of 23%, with a copper price of US$3.08 per pound used - currently $4.06/lb - and an US:AUD exchange rate of 71c (versus about 77c of late).
KGL is currently on the hunt for a CEO.
The company started the current quarter with A$5.8 million.
Shares in KGL were up 6.5% to A49c in mornign trade,