Kalimantan Gold plans private placement

Vancouver-based coal and mineral explorer Kalimantan Gold Corporation Limited plans to raise up to GBP 350,000 from a private placement financing.

The company said it would use the proceeds from the private placement to fund its ongoing gold and coal exploration programs in Indonesia, as well as general working capital purposes.

Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market.

The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects. (alex)