Kalo Gold Corp Completes $10.843 Million in Initial LIFE Offering and Private Placement

Kalo Gold Corp (TSXV: KALO) announced the closure of the first tranche of its non-brokered private placement under the Listed Issuer Financing Exemption, totaling 7,648,750 units at $0.32 per unit, resulting in gross proceeds of $2,447,600. Simultaneously, the company completed the first tranche of a separate private placement amounting to 25,110,625 units, raising $8,035,400. Combined, these efforts have generated a total of $10,483,000.

Each unit comprises one common share and half a warrant, with each warrant allowing the purchase of one share at $0.50, exercisable over thirty-six months. The company intends to utilize the proceeds for exploration activities at the Vatu Aurum Project, alongside working capital and corporate purposes.

Additionally, insider participation accounted for approximately C$500,000 of the placement, adhering to the related party transaction guidelines under Multilateral Instrument 61-101. Kalo plans further tranches subject to regulatory approvals.