BARU GOLD COMPLETES FINAL TRANCHE OF PRIVATE PLACEMENT AND INCREASES ALLOTMENT FOR RECENTLY ANNOUNCED NEW OFFERING
Baru Gold Corp. has closed an additional $90,900, issuing 4,545,000 units at two cents per unit, as part of the private placement closings previously announced on Jan. 24, 2024, Jan. 31, 2024, and Feb. 13, 2024. Each unit will comprise one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant shall be exercisable for one share for two years from the date such warrant is issued at an exercise price of five cents.
The company has raised an aggregate of $210,400 and issued 10.52 million units.
The proceeds raised from the private placement will be used as follows: $80,000 (toward 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 finders' 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 six million units priced at two cents per unit for total proceeds of $150,000. The financing 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 five cents. 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.
About Baru Gold Corp.
Baru Gold is a dynamic junior gold developer with National Instrument 43-101 gold resources in Indonesia, one of the top 10 gold-producing countries in the world.
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