Kalamazoo Raises AU$1.5 million via Placement for Lithium and Gold Projects

Kalamazoo Resources Limited (ASX: KZR) has successfully raised AU$1.5 million through a placement of 11,538,462 ordinary fully paid shares to corporate, institutional, and sophisticated investors. The placement was issued at AU$0.13 per share, representing a 7.7% discount to the 15-day VWAP and a 13.3% discount to the closing price on July 25, 2023. The raised funds will be utilized for ongoing exploration activities in the Company's projects, including the Lachlan Fold Belt Lithium Projects, the Ashburton Gold Project in Western Australia, and the Victorian Gold Projects.

Additionally, the funds will also support the upcoming demerger and Initial Public Offering (IPO) of Kali Metals Limited (ASX: KM1), in which Kalamazoo shareholders will receive an initial 25% in-specie distribution of Kali shares and priority entitlement to subscribe for more shares, subject to approvals. Following the placement, Kalamazoo's cash balance is expected to be around AU$2.5 million. The Company's Chairman and CEO, Luke Reinehr, expressed his satisfaction with the support from investors, highlighting the exciting prospects for Kalamazoo as they progress with Kali Metals IPO and focus on their gold projects.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com