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Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) provided an update on its activities.
Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) provided an update on its activities.
The press release is quoted as saying:
On 3 December, 2009 the Company announced that it had entered into an exclusive due diligence period with Daun Consulting Limited (“DCL”) to purchase the coal concession of PT Indobara Pratama (“IBP”). As a result of DCL’s failure to place a US$1 million deposit into escrow as required by the agreement, the exclusive period has now expired. Despite this, the Directors are pleased to be able to confirm that the Company has recently been approached by three parties interested in acquiring the coal concession of IBP, two of whom have now submitted formal expressions of interest. The Directors remain confident that a sale of the coal concession of IBP can be completed on terms satisfactory to the shareholders of IBP and the Company.
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