By Jennifer Chiou
New York, Oct. 17 - Kalimantan Gold Corp. Ltd. said it will raise C$1 million in a non-brokered private placement of stock.
The company will sell up to 10 million common shares at C$0.10 per share.
Proceeds will be used to fund the company's ongoing gold and coal exploration programs in Indonesia as well as general working capital purposes.
Rahman Connelly, deputy chairman and chief executive officer of Kalimantan Gold, said in a news release: "Notwithstanding current market conditions, I have confidence in the fundamentals of the company and I am subscribing for C$100,000 in this private placement."
On Oct. 10, the company said it secured ownership of 100% of the KSK COW porphyry copper and gold prospects located in Central Kalimantan, Indonesia.
Vancouver, B.C.-based Kalimantan is a gold exploration company.
| Issuer: | Kalimantan Gold Corp. Ltd.
|
| Issue: | Common shares
|
| Amount: | C$1 million
|
| Shares: | 10 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Rahman Connelly (for C$100,000)
|
| Stock symbol: | TSX Venture: KLG
|
| Stock price: | C$0.07 at close Oct. 17
|
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