Kainantu Resources Ltd (TSX-V:KRL) told investors it has closed its previously announced private placement financing of C$1.27 million.
The company noted that it issued senior convertible debenture units with an aggregate principal amount of C$503,164.06 in the first tranche of the placement, followed by C$296,835.94 in the second and C$310,000 in the third. In the final tranche, it raised a further C$160,000.
Kainantu said the proceeds of the offering will be used to complete the acquisition of the Kili Teke project in Papua New Guinea as well as to advance exploration programmes.