Kalimantan Gold Closes Private Placement With Freeport
06 Mai 2011 - 11:00PM
Marketwired
Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:
KLG)(AIM: KLG) is pleased to announce that it has raised C$350,000
from the issue of 2,500,000 common shares at price of C$0.14 per
share to a wholly owned subsidiary of Freeport-McMoRan Exploration
Corporation ("Freeport"). The common shares issued are restricted
from trading through the TSX Venture Exchange until September 7,
2011.
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 12,
2011. Regulatory approval for the placement has been received from
the TSX Venture Exchange.
The Company intends to use the proceeds to fund its ongoing
projects in Indonesia, as well as general working capital
purposes.
The Company and Freeport entered into a joint venture agreement
in relation to the Company's KSK Contract of Work copper project in
Kalimantan, Indonesia as announced on April 19, 2011. Pursuant to
the joint venture agreement the private placement was priced at
125% of the volume weighted average price of the seven day period
following execution of the agreement.
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 has been optioned to Tigers Realm Minerals) and the KSK
Contract of Work in Central Kalimantan with multiple porphyry
copper and gold prospects (which has been optioned to Freeport). In
addition, the Company continues as agent for the shareholders of PT
Indobara Pratama ("IBP") who are seeking to sell IBP's coal
concession in exchange for a share of the proceeds and active
negotiations with a qualified purchaser are in process.
RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for
the purposes of its AIM listing, contact Stuart Laing, ph: +618
9480 2506 or email: stuartl@rfc.com.au.
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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.
Contacts: Kalimantan Gold Corporation Limited Faldi Ismail
Deputy Chairman and CEO Mobile: +61 (0) 423 206 324
faldi.ismail@kalimantan.com Gerald Cheyne Director Corporate
Development +44 (0) 2077311806 Mobile: +44 (0) 7717473168
gerald.cheyne@kalimantan.com www.kalimantan.com Alexander David
Securities Limited Bill Sharp/David Scott +44 (0) 20 7448 9820
(TSXV:KLG)
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