Kalimantan Gold to raise fund for exploration

Vancouver-based mineral explorer Kalimantan Gold Corporation Limited said on Tuesday it planned to raise up to Cdn$2,500,000 from a non-brokered private placement financing from the sale of up to 12,500,000 units at a price of $0.20 per unit.

The company will use the proceeds of the private placement to fund a 4,000 metre drill program at the Jelai Mewet gold prospect, an independent data and compilation review of the exploration work at the KSK CoW, pre-admission costs to the AIM Exchange in London and general corporate working capital.

Kalimantan Gold has copper-gold exploration rights over two distinct areas in Central Kalimantan.(alex)