Kainantu Resources Ltd (TSX-V:KRL) said it has closed the second and final tranche of its previously announced private placement financing of C$2 million.
In the first tranche, the company issued 87,500,000 common shares at C$0.02 each for gross proceeds of C$1.75 million. In the second and final tranche, it issued 12,500,000 shares at C$0.02 each, raising C$250,000.
The net proceeds will be used to settle a payment due to Harmony Gold (PNG) Exploration, carry out exploration work on its properties in Papua New Guinea and for general administrative and working capital purposes.