KP's capital raising was over-subscribed by $37,200 and it will issue the 4.39 million ordinary shares this Friday.

KP managing director Richard Schroder said he was extremely pleased with the level of take up from shareholders.

Foyson revealed today that Calix Limited had confirmed intention to exercise its option to buy the company's interests in the Myrtle Springs magnesite tenements for $1 million.

"The parties are currently in negotiations as to the long-form documents to give effect to the transaction," Foyson said.

"The proceeds from the sale will be primarily used to progress the exploration and assessment of Foyson's PNG based projects."