Kainantu Resources Ltd (TSX-V:KRL) closed the first tranche of its private placement financing, first announced November 23, 2023, raising a total of C$1,750,000. This tranche involved the issuance of 87,500,000 common shares at C$0.02 per share.
The second tranche, with an additional C$250,000, is set to close in January 2024.
Net proceeds will cover a US$500,000 payment to Harmony Gold (NYSE:HMY) (PNG) Exploration Limited, exploration work in Papua New Guinea, and general administrative and working capital purposes.