Possible bug with Scavenging Smite

In the few times I have played the new jungle item Poacher's Knife, the new smite features simply do not work.

I'm not entirely sure if I'm using it incorrectly, maybe I am. I will give a scenario, you be the judge.

I was attacking, say, the Krugs in the jungle. I bring them down to fairly low health, and then I smite the large one with Scavenging Smite, killing it. I gain the heavy-handed buff and the small movement speed buff, but the smite cooldown is not halved at all; it stays at a 54 second cooldown. Also, I do not gain any bonus gold.

I will play with this item more to test this, but I'm almost totally sure this is a bug.

-Shalken