"not offering existing SHs the offer to buy at 8cents"It may...

"not offering existing SHs the offer to buy at 8cents"

It may still be possible for the company to do that, if there was sufficient interest.

From the announcement I gather they have commitments for $6 million, but it will be in two tranches, first about $3 million give or take based on 15% of market capitalization $21 million ATM.

Second part will have to be approved by shareholders at a meeting. I am not sure if there is enough time to prepare the necessary documents and prepare a resolution to be voted for at the AGM, it may take place later at the extraordinary meeting.

Usually these SPP documents are written to allow over-subscription up to a certain amount and this could then be offered to regular SH.

If the SP improves a bit, or combined vale of SP and new option which should be listed and trading by then, exceeded 8c, company might get some takers.

Especially if the company finally comes clean on the bottom line number.
The question is IMO, is there any money left over after all this effort of digging and transporting the dirt and having it processed by Barrick, or are the shareholders funds needed to subsidize the operation.

In my view company should try to stay in black and deffer for the time any unnecessary expenses such as further test drilling until the crushing plant is commissioned. Then with the savings on processing the exploration can resume again.
They have plenty ore to work with for the time being IMO.

If the gold price moved higher as most experts are expecting due to the European mess and almost inevitable monetization of Italian debt, where Central European Bank print more and more Euro notes to buy newly printed Italian bonds, most likely causing inflation and decrease in Euro value and move to gold as a better store of value, then KMC would be better placed to continue ex[anding.