Canadian Kalimantan Gold Corp has issued 1,816,997 common shares at $0.15/share for a total gross proceeds of $272,550 from the private placement announced Aug 1, 2002.
The common shares will have a hold period expiring on Sep 30, 2003.
The proceeds will be used to fund the exploration in the contract of work in central Kalimantan, Indonesia. But the recent heavy smoke covering most of Kalimantan, due to the annual burn-off by subsistence farmers and the dry season, is expected to result in delays to the exploration program.
Kalimantan Gold aims to complete and have the exploration results at the Mansur/Lakapoi deposits before negotiating any joint ventures for continued exploration.