Kalo Gold raised $10.8M in a private placement to fund drilling at its Fiji project, with shares and warrants issued under Canadian exemptions.

Kalo Gold Corp. closed the first tranche of its non-brokered private placement, raising $10.843 million by selling 32,759,375 units at $0.32 each. The offering includes two concurrent parts: the LIFE Offering and a Concurrent Offering, each with units comprising one share and half a warrant exercisable at $0.50 for 36 months. Proceeds will fund drilling and exploration at the Vatu Aurum Project in Fiji, along with working capital. Securities from the LIFE Offering are exempt from hold periods for Canadian residents, while those from the Concurrent Offering are subject to a four-month hold. The company paid $117,684 in finder’s fees and issued 367,762 finder’s warrants with similar terms. The transaction relies on exemptions under Canadian securities rules, as it is below 25% of the company’s market capitalization. The securities are not registered in the U.S. and cannot be sold there without exemption. Additional tranches are pending regulatory approval.