London and Canada-listed gold miner Kalimantan Gold Corp. Ltd. (KLG.V) said Tuesday it expects to raise GBP300,000 in a private share placing after investors committed to take up 6,000,000 shares at a price of 5 pence a share. It expects the money to fund its ongoing programs in Indonesia.
It noted that the proceeds of the placement, combined with the funds on hand, provides Kalimantan with sufficient working capital to fund operations for 2012 and beyond.
Kalimantan has two exploration projects in the Kalimantan region of Indonesia; the Jelai epithermal gold project in East Kalimantan--optioned to Tigers Realm Metals; and the KSK Contract of Work in Central Kalimantan with multiple copper and gold prospects--optioned to a subsidiary of Freeport-McMoRan Exploration Corp.
In London, shares closed Friday at 5.0 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; firstname.lastname@example.org