By Devika Patel
Knoxville, Tenn., May 16 - Kalimantan Gold Corp. Ltd. said it will raise between C$400,000 and C$1 million in a non-brokered private placement of stock.
The company will sell at least 4 million common shares and up to 10 million common shares at C$0.10 per share.
Proceeds will be used to fund the company's ongoing gold and coal exploration programs in Indonesia as well as general working capital purposes.
Vancouver, B.C.-based Kalimantan is a gold exploration company.
Issuer: | Kalimantan Gold Corp. Ltd.
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Issue: | Common shares
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Amount: | C$400,000 (minimum), C$1 million (maximum)
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Shares: | 4 million (minimum), 10 million
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Price: | C$0.10
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | May 16
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Stock symbol: | TSX Venture: KLG
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Stock price: | C$0.18 at close May 16
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