KGL Resources announced a proposed 4-for-15 pro-rata non-renounceable entitlement offer to raise up to approximately $15.1 million.

The offer price is set at 10 cents per new share. The offer is subject to a minimum raise condition of $6 million and is not underwritten.

KGL's major shareholder, KMP Investments, has committed to fully taking up their entitlements, contributing $4.8 million.

The funds raised will be used for the company's strategic objectives, including commencing production in 2027 in response to a chronic copper shortfall and continuing drilling plans to extend the project's life.