02:05 PM EDT, 06/19/2024 (MT Newswires) -- KO Gold (KOG.CN) said Wednesday that it plans to raise up to $5 million in a private placement of share units.

The company is looking to place 8.33-million units in the financing, with each priced at $0.60 and made up of a share and a three-year warrant to buy a second share for $0.80.

The company plans to use the proceeds for general working capital purposes and to fund the company's ongoing exploration and drilling programs in Otago Gold District in New Zealand.

KO shares were last seen down $0.01 to $0.59 on the Canadian Securities Exchange.

Price: 0.59, Change: -0.01, Percent Change: -1.67