Killara completes placement of shortfall shares

By Puspita Maylana Devi

ASX-listed Killara Resources Limited said on Monday that it has placed all the shortfall shares totaling 12,313,074 at the rights issue price of 5 cents per share.

Accordingly the company can confirm that 100 percent of the new shares issued under the rights issue have been taken up. The final allotment of shares is expected to take place this week, after which the total shares on issue will be 120,384,378 shares.

This successful capital raising will allow Killara to complete the funding of its 80 percent interest in PT Borneo Emas Hitam and its drilling campaign on two short term production targets.

The drilling program is to commence over the coming weeks, and it is expected to take two months to complete and provide for detailed mine planning and topography.

Killara is an exploration company which is transforming into a coal producer with its recent acquisition of an 80 percent interest in PT Borneo Emas Hitam, located in East Kalimantan.

Editing by Benget Besalicto Tnb.