Business
Kalo Gold Closes Non-Brokered Private Placement Offerings for Gross Proceeds of C$2,350,000, With Strategic Investments From Crescat Capital LLC and Associate Investors and a Foundation Owned and Controlled by Mr. Michael Gentile, CFA
VANCOUVER, BC / ACCESSWIRE / January 11, 2023 / KALO GOLD CORP. (" Kalo" , "Kalo Gold " or the ...
About this update from Kalo Gold Corp
[{"type":"text","content":"Kalo Gold Closes Non-Brokered Private Placement Offerings for Gross Proceeds of C$2,350,000, With Strategic Investments From Crescat Capital LLC and Associate Investors and a Foundation Owned and Controlled by Mr. Michael Gentile, CFAVANCOUVER, BC / ACCESSWIRE / January 11, 2023 / KALO GOLD CORP. (\"Kalo\", \"Kalo Gold\" or the \"Company\") is pleased to announce that, further to its news release dated December 14, 2022, it has closed the second and final tranche of its non-brokered private placement of common shares of the Company (the \"Shares\"). The Company issued an additional 27,500,000 Shares at C$0.05 per Share for gross proceeds of C$1,375,000 (the \"Second Tranche\"). Together with the closing of the first tranche (the \"First Tranche\"), the Company has now issued 40,000,000 Shares for aggregate gross proceeds of C$2,000,000 (the \"First Offering\").In connection with the First Offering, Crescat Capital LLC (\"Crescat\"), associate investors and a foundation owned and controlled by Mr. Michael Gentile, CFA, made strategic investments totaling C$1,825,000.The Company is also pleased to announce that it has engaged Agentis Capital Mining Partners (\"Agentis\") to provide financial advisory and capital markets advisory services.Mr. Terry L Tucker, P.Geo, President and CEO of Kalo, comments \"The addition of Crescat and their associate investor as large institutional shareholders of Kalo along with Mr. Gentile`s continued support is a significant milestone for the Company. Kalo, along with our newly appointed financial advisory partners at Agentis, welcome these strategic institutional investors supporting Kalo to advance exploration of the flagship, 100% owned, Vatu Aurum Gold Project located in Fiji.\"Crescat, a strategic institutional investor and largest shareholder of Kalo, accounted for 16,000,000 Shares for the sum of C$800,000. Crescat now owns 13.5% and 11.8% of the Company on a basic and fully diluted basis, respectively.Mr. Michael Gentile CFA, an existing strategic investor of the Company, through a private charitable foundation which he owns and controls, acquired an additional 4,500,000 Shares for the foundation and now holds 5.9% and 5.2% of the issued and outstanding common shares of the Company on a basic and fully diluted basis, respectively. Mr. Gentile has an extensive institutional money management ba...