(TheNewswire)
March 13, 2024 – TheNewswire - Vancouver, BC - Baru Gold Corp(TSXV:BARU) | (OTC:BARUF) (the “Company” or “Baru”) announces that it has closed an additional $90,900, issuing 4,545,000 Units at $0.02 per unit, as part of the Private Placement closings previously announced on January 24, 2024, January 31, 2024 and February 13, 2024. Each unit will be comprised of one common share in the capital of the Company (a “Share”) and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant shall be exercisable for one Share for 2 years from the date such Warrant is issued at an exercise price of $0.05.
The Company has raised an aggregate of $210,400 and issued 10,520,000 units.
The proceeds raised from the Private Placement will be used as follows: $80,000 (towards the projected $150,000) legal fees related to the processing of the upgrade of its Sangihe Gold Project to production operation status, $80,000 for audit fees, and $50,400 for general working capital. No finder’s fees were paid in connection with this issue.
All securities issued in the Private Placement will be subject to a four-month hold period expiring July 8, 2024.
The Company also wishes to announce an increase in the non-broker private placement announced on March 7, 2024 consisting of up to 6,000,000 units priced at $0.02 per unit for total proceeds of $150,000. The funding will be used as follows; $70,000 for the estimated balance of legal fees related to the processing of the upgrade of its Sangihe Gold Project to production operation status and the $80,000 balance for working capital. There are no proposed payments to non-arm’s length parties of the Company and no payments to persons conducting investor relations activities.
Each unit will comprise one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase over two years one additional share at an exercise price of $0.05. This round of financing is expected to close on or before March 25, 2024.
The Private Placement is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
info@barugold.com
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
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