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KIS will use the funding (from issuing new shares priced at 20c each), to pay off term debt of $4.7 million, plus accrued interest, which the company had previously incurred in acquiring fixed property adjacent to the Dolphin mine site and as working capital.
KIS started the current quarter with $1.76 million.
The company also suggested the strengthened balance sheet put it in a "much better position" to negotiate the debt funding needed to develop Dolphin.
Feasibility work last year put the initial capex for Dolphin at $72.7 million, with the project having a pre-tax net present value of $241 million.
While redeveloping Dolphin has been on the cards for the past 1-2 decades, the current geopolitical backdrop is strongly supportive of new supply ex-China.
Shares in KIS were up 12% to 25.2c in late morning trade, capitalising the company at $82.5 million.
