The funds will be used for additional approval costs, pontoon enhancements, pre-approval value engineering studies and increased contingency.
The SPP comes after the company raised $10 million in February through an institutional placement of 4.67 million shares issued at $2 a share and a further 330,000 shares issued to directors.
New shares issued in the SPP are also at a 14.9% to the five-day volume weighted average price of $2.35.
The SPP was capped at $1 million and closed on March 12, 2019, with shares expected to be issued today and holding statements dispatch Wednesday, March 20.
Developing port operations
KPT owns 100% interest in substantial hardwood and softwood assets on Kangaroo Island off the coast of South Australia.
The company is in the process of finalising primary approvals to develop port operations on the island for the primary purpose of conducting a profitable operation exporting timber with minimal environmental impact.