All the announcements that KCN has made recently have clearly...

All the announcements that KCN has made recently have clearly shown that they were completely starved of cash - the CR should not surprise anyone, it was inevitable.
At least it is being done at a reasonable price & retail investors are being given a piece of the CR if they want it. It also avoids the necessity to just bend over in front of Taurus which would most likely have resulted in a very sore bottom!
As long as they have done their sums properly (by no means a certainty) this chunk of cash should enable them to progress what appears to be a good asset to the point where it is not only self-funding but becomes a surplus cash generator.
To me, the major risk to projects at KCN’s stage is funding, the CR significantly reduces that risk so I am a happy little unit. If the share price drops below the CR price, as is often the case in these circumstances, I will be even happier