Company plans brokered offering to fund infill and expansion drilling
By Devika Patel
Knoxville, Tenn., Jan. 14 – Kalimantan Gold Corp. Ltd. said it raised C$1.19 million in a brokered private placement of stock on Monday. The deal priced for C$1.27 million on Dec. 24.
The company sold 51,910,441 common shares at C$0.023 per share, a 15% premium to the Dec. 23 closing share price of C$0.02.
The company also said it signed a non-binding letter of intent with Tigers Realm Copper Pty Ltd. to purchase Tiger’s interest in the Beutong copper-gold project in Sumatra, Indonesia.
Proceeds will be used for the company’s next phase of infill and expansion drilling, for conversion of the Beutong Izin Usaha Pertambangan from an exploration IUP to an exploitation IUP and for general working capital purposes.
Kalimantan Gold is a White Rock, B.C.-based porphyry copper and gold explorer.
| Issuer: | Kalimantan Gold Corp. Ltd.
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| Issue: | Common stock
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| Amount: | C$1,193,940
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| Shares: | 51,910,441
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| Price: | C$0.023
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| Warrants: | No
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| Pricing date: | Dec. 24
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| Settlement date: | Jan. 12
|
| Stock symbol: | TSX Venture: KLG
|
| Stock price: | C$0.02 at close Dec. 23
|
| Market capitalization: | C$3.31 million
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