Kalimantan Gold Corporation Limited

Kalimantan Gold Corporation Limited

November 25, 2009 02:00 ET

Kalimantan Gold Plans Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2009) - Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) plans to raise up to £350,000 from a private placement financing from the sale of up to 12,068,966 common shares at a price of C$0.05 (£0.029) per share. The private placement is subject to compliance with applicable securities laws and to receipt of regulatory approval. The Company's brokers, Alexander David Securities Limited will assist the Company in this placement.

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.

Finders' fees on the private placement will be paid within TSX Venture Exchange guidelines.

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.

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