BARU Gold Announces Private Placement After Investor Interest Increases as a Result of MTCO Revocation

March 7, 2024


Baru Gold Corp. has arranged a non-brokered private placement consisting of up to five million units priced at two cents per unit for total proceeds of $100,000.

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 five cents. The financing is expected to close on or before March 25, 2024.

The use of proceeds of the financing will be for working capital while the company awaits the issuance of the state of activity upgrade to production operation status. The company reminds interested participants that the private placement is subject to repricing if the stock price increases following the release of news. Insiders of the company participation in the foregoing offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25 per cent of the company's market capitalization.

This offering is being made due to increased investor interest from increasing gold prices and after the British Columbia Securities Commission revoked the temporary management cease trade order (MCTO) on March 6, 2024. The MCTO prevented the company's officers, board and insiders from trading in the company's securities but did not affect the ability of other shareholders, including the public, to trade in the securities of the company.

The company confirms filing the 2023 audited annual financial statements and the BCSC's executive director has revoked the MCTO. The company confirms that since the date of the default announcement, other than as described above, (a) there has been no material change to the information set out in the default announcement that has not been generally disclosed; (b) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed.

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 finances are denominated in Canadian dollars. In connection with the private placement, the company may pay finders' fees in cash or securities, or a combination of both, as may be permitted by the policies of the exchange.

The company is in the process of closing the final tranche of the previous private placement announced Jan. 24, 2024, and increased offering on Feb. 13, 2024.

About Baru Gold Corp.

Baru Gold is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top 10 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.


Per:    “Terry Filbert”            
Terry Filbert, Director

President & CEO

For investor contacts more information, please contact: 

Kevin Shum
Investor Relations
647-725-3888 ext 702

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