May explain the selldown - although KNL said they were capitalised up until the decision to mine. In which case, the capital raising might be more along the lines of obtaining debt for purposes of building the mine.
The Debt Funding LOI (mentioned on page 27) seems to refer to the announcement on 27 March 2015. A 65:35 split between debt and equity was offered pending the outcome of the BFS. The BFS is due. This adds weight to the momentum to obtain mine finance.
KNL could be moving into its development phase very soon...
I also like the diagram on page 21, it shows what's coming up soon
Ann: Investor Presentation June 2015, page-4
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