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