KAL Energy, Inc. Raises $3,523,000
KAL Energy, Inc. (OTCBB: KALG) is pleased to announce that the acquisition of Thatcher Mining Pte Ltd. “Thatcher,” has closed. The company will issue 32,000,000 restricted shares for 100% of “Thatcher” which has the rights to two large coal properties situated near the Mahakam River in North Eastern Kalimantan, Indonesia.
The company has also completed a private placement and has received a total of $3,523,000 USD and will issue 17,615,000 restricted shares to the private placement investors. These funds are for working capital and for work programs planned on its coal properties.
“KALG” to date has advanced to “Thatcher” $190,000 for property payments and an additional $425,000 as deposits on the initial work programs.
On Behalf of the Board of Directors,
KAL Energy Inc.
Strato Malamas-Director
(604) 961-8878
www.kalenergyinc.com
