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Baru Gold Corp V.BARU

Alternate Symbol(s):  BARUF

Baru Gold Corp. is a Canada-based junior gold developer with NI 43-101 gold resources in Indonesia. The Company is focused on developing and producing precious metals projects in Indonesia. The Company’s focus is on developing precious metals projects with significant resource upside potential and near-term production capabilities. The Company’s Sangihe Gold project mineral tenement consists of one block covering the southern half of Sangihe Island, located between the northern tip of Sulawesi Island (Indonesia) and the southern tip of Mindanao (Philippines). The Sangihe Project covers 42,000ha; this includes the Bawone, Binebase prospects on the eastern part of the island and Taware prospect in the south-central region with infrastructure in place. The Company has a 70% interest in the Sangihe project.


TSXV:BARU - Post by User

Post by KerBeron Sep 05, 2023 4:24pm
142 Views
Post# 35620592

Translation.

Translation.
 

On 7 December 2020, TMS held an Extraordinary General Meeting of Shareholders to announce the cash call. All shareholders have been properly notified of this important agenda and the required quorum requirements have been reached. Those present were the shareholders or their proxies who held 79% of the shares.

The only shareholders who waived their rights to participate in the cash call were PT Sangihe Prima Mineral (SPRIM) and PT Sungai Belayan Sejati (SBS). Because these companies did not participate, the rights to acquire the shares resulting from the cash call were transferred to another party, namely PT Sangihe Pratama Mineral. Therefore, SPRIM and SBS's combined 21% ownership in TMS must be diluted to only 1% in TMS. These two companies are now wholly owned by Mr. Satrio and were purchased from the previous shareholders on May 20, 2021, long after the cash call meeting was over.

Surprisingly, the Indonesian Ministry of Law and Human Rights closed the Legal Entity Administration System (SABH) and prevented TMS from finalizing the new share structure. Responding to this, TMS sued the Ministry of Law and Human Rights to reopen SABH at the District Court, High Court and the Indonesian Supreme Court.

TMS is proud to announce that they have won court cases at all levels, including the Supreme Court. The decision is final and cannot be appealed. TMS immediately issued the shares from the Extraordinary General Meeting of Shareholders which was held on 7 December 2020.

 After issuance, the new TMS ownership structure is as follows:

– 70% of its shares are owned by Sangihe Gold Corporation, which is wholly owned by Baru Gold Corporation.

– 29% owned by PT Sangihe Pratama Mineral

On 7 December 2020, TMS held an Extraordinary General Meeting of Shareholders to announce the cash call. All shareholders have been properly notified of this important agenda and the required quorum requirements have been reached. Those present were the shareholders or their proxies who held 79% of the shares.

The only shareholders who waived their rights to participate in the cash call were PT Sangihe Prima Mineral (SPRIM) and PT Sungai Belayan Sejati (SBS). Because these companies did not participate, the rights to acquire the shares resulting from the cash call were transferred to another party, namely PT Sangihe Pratama Mineral. Therefore, SPRIM and SBS's combined 21% ownership in TMS must be diluted to only 1% in TMS. These two companies are now wholly owned by Mr. Satrio and were purchased from the previous shareholders on May 20, 2021, long after the cash call meeting was over.

Surprisingly, the Indonesian Ministry of Law and Human Rights closed the Legal Entity Administration System (SABH) and prevented TMS from finalizing the new share structure. Responding to this, TMS sued the Ministry of Law and Human Rights to reopen SABH at the District Court, High Court and the Indonesian Supreme Court.

TMS is proud to announce that they have won court cases at all levels, including the Supreme Court. The decision is final and cannot be appealed. TMS immediately issued the shares from the Extraordinary General Meeting of Shareholders which was held on 7 December 2020.

 After issuance, the new TMS ownership structure is as follows:

– 70% of its shares are owned by Sangihe Gold Corporation, which is wholly owned by Baru Gold Corporation.

– 29% owned by PT Sangihe Pratama Mineral

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