VANCOUVER (Yosefardi) – Kalimantan Gold Corporation Limited (KLG) has signed a non-binding letter of intent (LOI) with Tigers Realm Copper Pty Ltd., a private Australian corporation within the Tigers Realm Group of companies, to purchase Tigers’ interest in the Beutong copper-gold project, Sumatra, Indonesia (Beutong).
The consideration for this acquisition will be the issue of 171,407,156 KLG common shares (Consideration Shares) and 14,675,000 KLG share purchase warrants.
It is intended that the proceeds of the Capital Raising will be used to fund the Company’s next phase of infill and expansion drilling and metallurgical studies at KLG’s existing Beruang Kanan prospect within the Company’s KSK Contract of Work in Kalimantan, Indonesia.
The fund will be also used to finalize conversion of the Beutong Izin Usaha Pertambangan (IUP) from an exploration IUP to an exploitation IUP, as well as for general working capital purposes.