Kalimantan Gold closes private placement

Canadian junior mineral explorer Kalimantan Gold Corporation Limited said Wednesday it has closed private placement with gross proceeds of C$1,507,768.

Proceeds of this private placement will be used to fund drilling at Baroi, follow-up exploration at the Liang Bulau and for working capital, said the company.

Kalimantan Gold Corporation Limited has a 75% interest in the 124,200 hectare KSK Contract of Work ("KSK CoW") located in Central Kalimantan. Baroi is one of 38 prospects identified within the KSK CoW that is currently the main exploration focus of the Company.(alex)