Business
Kalo Gold Announces C$2 Million Non-Brokered Private Placement
Not for distribution to United States newswire services or for release, publication, distribution...
About this update from Kalo Gold Corp
[{"type":"text","content":"Kalo Gold Announces C$2 Million Non-Brokered Private Placement Not for distribution to United States newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, in or into the United States. VANCOUVER, BC / ACCESS Newswire / April 2, 2025 / KALO GOLD CORP. (TSXV:KALO) (\"Kalo\", \"Kalo Gold\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 40,000,000 units (the \"Unit\") at a price of $0.05 per Unit for gross proceeds of up to $2,000,000 (the \"Offering\"). Each unit will consist of one common share (each, a \"Share\") in the capital of the Company and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire an additional Share at an exercise price of $0.08 per Share for a period of twenty-four months from the date of issuance. In addition, the expiry date of the Warrants is subject to acceleration if the volume weighted average trading price of the Shares on the TSX Venture Exchange (\"TSXV\") (or such other stock exchange where the Shares are then listed or quoted) is greater than $0.15 for a period of twenty (20) consecutive trading days, in which case the expiry date of the Warrants may be accelerated to a date that is thirty (30) days following the date the Company provides notice to the Warrant holders, by way of a news release, that the expiry date has been accelerated.The Offering is subject to TSXV approval. The Units and the underlying Shares and Warrants (including the Shares issuable upon exercise of the Warrants) will be subject to a four-month hold period, in accordance with applicable securities laws.The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSXV. In addition, the Company has appointed 3L Capital Inc. as financial adviser to the transaction. The Company will pay a finders' fee of 7% in cash and 7% in finders' warrants.The Company intends to use the net proceeds of the Offering as follows:a. an up to 9,000-metre diamond drilling program on the Company's 100% owned, 367 square kilometre, Vatu Aurum Project located in the Republic of Fiji:Initial focus -- Namalau trend: Drilling, expected to commence in April, 2025, will initially focus on eight high-priority upwelling zones along the Namalau tren...