Kalo Gold Secures $4.07M in Upsized Private Placement to Advance Fijian Gold Project

Kalo Gold Corp. has successfully finalized the first tranche of a non-brokered private placement, raising $4.07 million, significantly exceeding initial expectations. Initially planned to raise $2 million, strong investor interest led to the offering's expansion. Proceeds will fuel up to 9,000 meters of diamond drilling at Fiji's Vatu Aurum Project, targeting epithermal zones and high-grade deposits. Further geological work and surface exploration at Coqeloa and Wainikoro are also planned.

Each unit in the offering comprises one share and one warrant, with warrants exercisable at $0.08 for 24 months. The first tranche's completion included finders' fees of $125,023 in cash and 2,780,450 warrants. Insider involvement saw Kevin Ma and Cam Grundstrom purchasing units collectively worth $50,000.

The company also announced a shares-for-debt settlement, issuing 3,000,000 shares to settle $150,000 in debts. Despite strong progress, the offering is not available in the U.S. unless exemptions under the U.S. Securities Act apply.