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Kalo Gold Closes First Tranche $4.07 Million in Oversubscribed Private Placement to Fund Drilling at Vatu Aurum Project, Fiji
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About this update from Kalo Gold Corp
[{"type":"text","content":"Kalo Gold Closes First Tranche $4.07 Million in Oversubscribed Private Placement to Fund Drilling at Vatu Aurum Project, Fiji 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 / May 12, 2025 / KALO GOLD CORP. (TSXV:KALO) (\"Kalo\", \"Kalo Gold\" or the \"Company\")is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement (the \"Offering\") of 81,335,000 units (the \"Units\") at a price of $0.05 per Unit for aggregate gross proceeds of $4,066,750. The Offering, originally announced for gross proceeds of up to $2,000,000, was upsized in response to strong investor demand. The second tranche will be expected to close on or around May 31, 2025.The Company intends to use the net proceeds of the Offering to fund:Up to 9,000 metres of diamond drilling at the Vatu Aurum Project in Fiji, including drill testing of epithermal upwelling zones within the Aurum Epithermal Field such as the Dua, Rua, Tolu and Va Targets on the Namalau Trend), and high-grade diatreme and surge deposits within the Qiriyaga Complex;Continued geological mapping, trenching, and drilling along the Namalau, Loma, and Buca Trends;Surface exploration - including soil sampling, trenching, and geological mapping - at Coqeloa and Wainikoro;General working capital and marketing initiatives.3L Capital Inc. Provides Strategic Support and Acts as Financial Adviser to the OfferingThe Company would like to acknowledge and thank 3L Capital Inc. for its extensive support as financial adviser to the Offering. In addition to introducing strategic investors and acting as finder, 3L provided Kalo with valuable capital markets insight, transaction structuring, market advisory, and strategic communications support throughout the financing process. Their involvement included evaluating near-term market dynamics, advising management on structure and timing, and contributing to the successful execution of the Offering.The OfferingEach Unit consists of one common share (a \"Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one additional Share at an exercise price of $0.08 per Share for a period of twen...