| ||Tue May 8, 2012|
Kalimantan Gold Confirms Commitments to Private Placement
| ||Vancouver, B.C. - Kalimantan Gold Corporation Limited (the "Company") confirms that it has received commitments from investors for 6,000,000 common shares at a price of US$0.08 or £0.05 per share to raise US$480,000 (£300,000) under its private placement financing announced on April 23, 2012. 800,000 new shares will be issued in Crest. The 5,200,000 shares issued outside of the Crest system in London will have a hold period of four months plus a day from the date of issue.|
The participating investors include clients of the Company's UK broker, Alexander David Securities Limited, along with other investors from Australia and Asia.
The placement shares will be fully paid and will rank pari passu in all respects with the existing common shares in the Company. Application has been made for the placement shares to be admitted to trading on AIM ("Admission") and to be listed on the TSX Venture Exchange. It is expected that Admission will become effective and that dealings in the placement shares will commence on May 10, 2012. Regulatory approval for the placement has also been received from the TSX Venture Exchange. The total number of common shares in issue following completion of the placement will be 171,407,156.
The Company intends to use the proceeds from the private placement to fund its ongoing programs in Indonesia, as well as general working capital purposes. The proceeds of the placement, combined with the funds on hand, provide the Company with sufficient working capital to fund operations for 2012 and beyond.
About Kalimantan Gold
Kalimantan Gold Corporation Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on AIM in London. The Company has two exploration projects in Kalimantan: the Jelai epithermal gold project in East Kalimantan (which is optioned to Tigers Realm Metals) and the KSK Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects (which is optioned to a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation). For further information please visit www.kalimantan.com or contact:
Deputy Chairman and CEO, Kalimantan Gold
Mobile: +61 (0) 423 206 324
Director Corporate Development
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Alexander David Securities Limited
Bill Sharp/ David Scott
Telephone: +44 (0) 20 7448 9800
KLG's Nominated Adviser
RFC Group Limited
Telephone: +61 8 9480 2506
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Thu May 10, 2012, Kalimantan Gold Closes Private Placement -- Jelai drilling underway
You can view the Previous Press Releases item: Mon Apr 30, 2012, Kalimantan Gold Fiscal 2011 Results
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