Kalimantan Gold raise funds for Indonesian projects

Kalimantan Gold Corporation Limited plans to raise up to C$1,290,000 from a non-brokered private placement financing from the sale of up to 16,125,000 common shares to finance its projects in Indonesia.

"The private placement is subject to compliance with applicable securities laws and to receipt of regulatory approval," the company said in a statement.

The company intends to use the proceeds from the private placement to fund its ongoing 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. (kanti)