By Sheri Kasprzak
New York, Feb. 12 - KAL Energy, Inc. concluded a $3.523 million private placement of stock.
A group of investors agreed to buy 17.615 million shares at $0.20 each.
Proceeds will be used for exploration on the company's coal properties and for working capital.
In other news, KAL said it has completed its acquisition of Thatcher Mining Pte. Ltd. after issuing 32 million shares.
London-based KAL is a coal exploration company.
| Issuer: | KAL Energy, Inc.
|
| Issue: | Stock
|
| Amount: | $3.523 million
|
| Shares: | 17.615 million
|
| Price: | $0.20
|
| Warrants: | No
|
| Settlement date: | Feb. 12
|
| Stock symbol: | OTCBB: KALG
|
| Stock price: | $0.925 at close Feb. 12
|
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