Kalamazoo Resources to Raise AU$1.3 Million via Share Purchase Plan, Placement; Shares Plunge 14%

MT Newswires Live09-04

Kalamazoo Resources (ASX:KZR) plans to raise a total of AU$1.3 million via a share purchase plan (SPP) and a placement offer.

The company launched the SPP to raise up to AU$1 million at AU$0.08 per share, in which only eligible shareholders may participate, the miner said in a Wednesday filing with the Australian bourse.

In addition, the company's long-term substantial shareholder Mutual Trust committed AU$275,000 at the same price through a placement, the filing said.

Proceeds will fund drilling at the Mallina West project in Western Australia and exploration work at the South Muckleford and Mt Piper projects in Victoria, per the filing. The funds will also be used toward general working capital.

Shares of Kalamazoo Resources plunged nearly 14% in recent Wednesday trade.

Price (AUD): $0.08, Change: $-0.013, Percent Change: -13.54%

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