Kalimantan Gold says equity financing proceed well
Thursday, September 8 2005 - 05:27 PM WIB
Canadian junior mineral explorer Kalimantan Gold Corporation Limited announced Thursday financing plans are proceeding well with half of the total subscribed to date.
The Company plans to raise up to C$1.5 million from the sale of up to 7,500,000 units at a price of $0.20 per unit from a non-brokered private placement financing. The Company has more meetings scheduled with additional interested parties and the private placement will close within the next 30 days.
Proceeds will be used to fund drilling at Baroi, follow up exploration at the Liang Bulau and working capital.
Kalimantan Gold Corporation Limited has a 75% interest in the 124,200 hectare KSK Contract of Work located in Central Kalimantan. Baroi and Liang Bulau are two of 38 prospects identified within the KSK CoW and are currently the main exploration focus of the Company.(alex)