By Sheri Kasprzak
New York, July 25 - Kalimantan Gold Corp. Ltd. increased the size of its private placement to C$2.62 million from C$2.5 million after the deal was oversubscribed.
The company now plans to sell up to 13.1 million units at C$0.20 each.
The units are comprised of one share and one warrant with each warrant exercisable at C$0.30 for two years.
The non-brokered deal is now expected to close in the beginning of August.
The offering priced July 4 as a C$2.5 million deal composed of 12.5 million units.
Proceeds will be used to fund a drilling program at the Jelai Mewet gold prospect in Indonesia and for general corporate purposes.
Vancouver, B.C.-based Kalimantan is a gold exploration company.
| Issuer: | Kalimantan Gold Corp. Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.62 million
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| Units: | 13.1 million
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| Price: | C$0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.30
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| Placement agent: | Non-brokered
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| Pricing date: | July 4
|
| Upsized: | July 25
|
| Stock symbol: | TSX Venture: KLG
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| Stock price: | C$0.27 at close July 25
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