Kalo Gold Mines Corp. [KALO-TSXV] said it is upsizing a previously announced non-brokered private placement financing that is now expected to raise $5.21 million, up from an earlier $4.5 million target.
Kalo Gold is a gold exploration company with a focus on epithermal gold deposits on the companys Vatu Aurum Project in Fiji. The company holds 100% of two special prospecting licenses covering 367 square kilometres. Historical and ongoing exploration has identified numerous priority epithermal gold targets.
The upsized offering will consist of up to 104.2 million units priced at $0.05 per unit. The company closed the first tranche on May 12, 2025, and issued 81.3 million units for gross proceeds of $4.07 million. The second and final tranche is expected to close by June 25, 2025.
Under the terms of the financing, each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional share at an exercise price of $0.08 per share for two years from the date of issuance. However, the expiry date of the warrants can be accelerated if the shares trade above 15 cents for 20 consecutive days, once the holders are given 30 days notice.
On Tuesday, the shares were unchanged at $0.06 and trade in a 52-week range of $0.08 and $0.02.
In an April 9, 2025, press release Kalo said the Director of Mines, Ministry of Mineral Resources, Republic of Fiji, has formally granted the renewal of Special Prospecting License (SPL) 1511 for a three-year term, effective March 26, 2025.
The SPL covers, Coqeloa, a historically underexplored gold target, located 15 kilometres southeast of Aurum Prime, on the companys 100%-owned Vatu Aurum Project, on Vanua Levu, Fiji.
The company said a recent reinterpretation of legacy datasets has elevated Coqueloa to a high priority, vertically preserved low sulphidation epithermal gold target. This advancement was driven by structural, geological and geochemical insights from Aurum Prime and comparative analysis of Pacific Rim gold systems including Martha (Waihi) allowing Kalo to apply an emerging exploration model without incurring additional on-the-ground field expenditures. The company said Coquela exhibits multiple key CODES fertility indicators (Centre for Ore Deposits and Earth Sciences at the University of Tasmania), including preserved high-level epithermal textures, enriched pathfinder geochemistry, and alteration zonation consistent with minimal erosion. These features suggest the system remains vertically intact with the upper epithermal cap preserved and deeper mineralized structures potentially still in place, the company said.
By applying an exploration model informed by structural and geochemical insights from Aurum Prime and other Pacific Rim epithermal systems, weve identified Coqueloa as a high-potential analog to deposits such as Martha (Waihi), where narrow surface veins led to multi-million-ounce discoveries, said Kalo President and CEO Terry Tucker.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.
