Kalimantan Gold plans private placement
Tuesday, June 2 2015 - 04:01 AM WIB
Canadian firm Kalimantan Gold Corporation Limited announced Monday that it plans to undertake a brokered private placement to place up to 108,443,747 common shares at a price of ?0.012 per share for total gross proceeds of approximately ?1.3 million (approximately equivalent to CDN $2.5 million at CDN $0.023 per share).
The company said in a statement it has received commitments from investors for 108,443,747 common shares to be issued and settled in CREST.
The participating investors include clients of the company's UK broker agents, VSA Capital Limited and Optiva Securities Limited.
It is intended that the proceeds of the private placement will be used to fund the continuation of the company's 2015 infill and expansion drilling at the company's Beruang Kanan prospect within the company's KSK Contract of Work in Kalimantan, Indonesia, on progressing conversion of the company's Beutong IUP from an exploration IUP to an exploitation IUP, and for general working capital purposes.
Editing by Reiner Simanjuntak