New Issue: KAL Energy wraps downsized $5.8 million placement of shares

By Devika Patel

Knoxville, Tenn., June 17 - KAL Energy, Inc. said in an 8-K filed Tuesday with the Securities and Exchange Commission that it has completed a $5.8 million private placement of stock on June 17.

The deal priced for $9.1 million on March 17, but was reduced to its current size because one investor was unable to meet its payment obligations.

The company sold 38,686,732 common shares at $0.15 per share. It originally planned to sell 60,686,732 shares at that price.

London-based KAL is a coal exploration company.

Issuer:	KAL Energy, Inc.
Issue:	Common stock
Amount:	$5,803,009.80
Shares:	38,686,732
Price:	$0.15
Warrants:	No
Pricing date:	March 17
Settlement date:	June 17
Stock symbol:	OTCBB: KALG
Stock price:	$0.38 at close March 17

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