Kalimantan Gold Corporation Limited

Kalimantan Gold Corporation Limited

November 26, 2009 02:00 ET

Kalimantan Gold Completes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2009) - Further to its previous announcement on 25 November 2009, Kalimantan Gold Corporation Limited ("Kalimantan Gold" or "KLG") (TSX VENTURE:KLG)(AIM:KLG) is pleased to announce that it has now received commitments for the full private placement amount of 350,000 Pounds Sterling, being 12,068,966 common shares at a price of 0.029 Pounds Sterling (C$0.05) per share. The commitments have been made through KLG's brokers, Alexander David Securities Limited.

Subject to receipt of approval by the TSX Venture Exchange (the "Exchange") the new shares are expected to be admitted to trading on AIM on 1 December 2009. The new shares will not be eligible for trading on the Exchange for four months after issue.

The Company intends to use the proceeds from the private placement to fund its ongoing gold and coal exploration programs in Indonesia, as well as general working capital purposes.

Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects.

For further information please visit www.kalimantan.com.

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.

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.

Contact Information

  • Kalimantan Gold Corporation Limited
    Rahman Connelly
    Chief Executive Officer
    +61 418116955
    Kalimantan Gold Corporation Limited
    Nick Cottam
    Public Relations
    + 44 (0) 1394 384115
    Kalimantan Gold Corporation Limited
    Gerald Cheyne
    Corporate Development
    +44 (0) 207 731 1806
    Alexander David Securities Limited
    Bill Sharp/David Scott
    +44 (0) 20 7448 9820