By Sheri Kasprzak
New York, July 29 - Kalimantan Gold Corp. Ltd. said it plans to raise up to C$1.5 million from a private placement of units.
The offering includes up to 7.5 million units at C$0.20 each, sold on a non-brokered basis.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$0.25 each for one year.
Proceeds will be used for drilling at the Baroi property, follow-up exploration on the Liang Bulau property and working capital.
Vancouver, B.C.-based Kalimantan is a gold and diamond exploration company.
| Issuer: | Kalimantan Gold Corp. Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.5 million (maximum)
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| Units: | 7.5 million (maximum)
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.25
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| Pricing date: | July 29
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| Stock price: | C$0.20 at close July 28
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