Kalamazoo Resources Limited (ASX: KZR) has accepted a $3 million cornerstone investment by the New York based Lind Global Fund II, LP.
The fund invests in small and mid-cap mining and resource companies publicly traded in the US, Canada, Australia, and the UK.
The $3 million investment by Lind in Kalamazoo is via a placement of ordinary fully paid shares and six million unlisted options.
The proceeds of will be used, along with Kalamazoo’s current cash, to advance the company’s projects, as follows:
Gold Projects
- Complete the Scoping Study (scheduled for Q3, 2022) and progress Phase 3 exploration and drilling at the company’s 100% owned Ashburton Gold Project, in the Pilbara, WA
- Continue ongoing exploration at the Company’s 100% owned Mallina West Gold Project, Pilbara, WA
- Continue ongoing exploration and drilling at the company’s 100% owned Victorian gold projects covering 2,016 sq. km at Castlemaine, South Muckleford, Myrtle, Tarnagulla, and Mt Piper
Lithium Projects
- Assist with the company’s exploration joint venture ($12.0 million sole funded by the major Chilean producer SQM at the DOM’s Hill and Marble Bar Lithium Projects, in the Pilbara, WA
- Accelerate ongoing exploration and drilling at the company’s 100% owned Pear Creek Lithium Project, in the Pilbara, WA
- Commence exploration on the company’s 100% owned Jingellic Lithium Project, in NSW
We are extremely pleased to have entered into this Placement Agreement with Lind. During 2022, Kalamazoo has taken significant steps in building on and progressing our gold and lithium portfolio in the Pilbara and Victoria,” Kalamazoo’s Chairman and CEO Luke Reinehr said.
“The funds invested by Lind will further strengthen our balance sheet, so that we can accelerate our exploration and development of these projects. Importantly, the structure of the Placement Agreement provides us with potential pricing upside.
“The relationship with Jeff Easton and Phillip Valliere at Lind goes back to 2013, when Lind first invested at seed level when we were a private company. We welcome Lind’s ongoing support and further investment as we look to create substantial value for all our shareholders, with our exciting portfolio of gold and lithium projects.”
