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| | Thu Aug 17, 2006
Kalimantan Gold Oversubscribed Equity Financing Closed
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| | Kalimantan Gold Corporation Limited (KLG:TSX.V) has issued 13,270,890 common shares and 13,270,890 common share purchase warrants in the capital of the Company for gross proceeds of $2,654,178 pursuant to a private placement announced on July 4, 2006 and July 25, 2006. Each unit sold at $0.20 consists of one common share and one common share purchase warrant. Each warrant is exercisable for the purchase of one common share at a price of $0.30 per share until August 16, 2008. A finder's fee was paid in the form of $187,377 cash and 398,127 broker warrants, each broker warrant is exercisable for the purchase of one common share at a price of $0.27 per share until August 16, 2008. The common shares issued, and any common shares issued pursuant to the exercise of share purchase warrants prior to December 18, 2006 are restricted from trading until December 18, 2006.
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 AIM and general corporate working capital. The Company is currently in discussion with several interested parties about earning an interest in the KSK CoW by being the sole contributor to fund continued exploration work.
The Company
Kalimantan Gold Corporation Limited has exploration rights over two distinct areas in Kalimantan, Indonesia, a country which hosts two of the largest and lowest cost porphyry copper-gold deposits in the world. The Company believes that any one of the six porphyry copper-gold prospects identified in its 75% owned KSK Contract of Work in Central Kalimantan has the potential to become another world-class deposit. The Company also believes its 100% owned Jelai Mewet prospect in East Kalimantan, which it plans to drill, has the potential to yield a major epithermal gold-silver deposit.
Doris Meyer, President and Chief Executive Officer
Kalimantan Gold Corporation Limited
For more information phone: (604) 536-2711 - Fax: (604) 536-2788 - Email: dorism@telus.net
Or visit the Company's website at: www.kalimantan.com
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release. |
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