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Thursday, 21 March 2013
Kilo Goldmines completes C$10 mln fundraising
Mining firm Kilo Goldmines (CVE:KGL) has completed its offering and raised gross proceeds of C$10 million.
The funds will be used for further exploration of its Somituri gold property in the Democratic Republic of Congo and for general puposes, the firm said.
Under the offering, in which the firm's directors and officers participated, the firm issued 100 million units at C$0.10 each.
Each warrant entitles the bearer to buy one common share at a price of $0.15 for three years from the closing date.
Last month, Kilo released results from the Kitenge prospect - aprt of the Somituri project - which provided some of the clearest evidence yet of the continuity of high grade gold values with depth.
The company hit 3.75 metres grading 27.08 grams per tonne (g/t) gold in one hole at a depth of only 125 metres.
Kilo said the Kitenge prospect is now defined over a 1500 metre strike length. Kitenge is one of several exploration areas on the company's Somituri project and is just 4km from Kilo's 1.87 million ounce Adumbi gold deposit.
Kilo owns a 71.25% interest in the Somituri project and holds mineral rights on eight non-contiguous exploitation licences valid until 2039 covering 606 sq km, which includes the Imbo licence, which is 122 sq km.