BARU GOLD RECEIVES APPROVAL FOR SUITABILITY OF SPACE UTILIZATION PERMIT AND CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Shareholders that the government of the Republic of Indonesia has approved and awarded Baru Gold Corp. a permit for approval for suitability of space utilization (PKKPR). In addition, the company is announcing that Baru has closed the first tranche of $52,999.95 of the continuing private placement.
The PKKPR permit certifies that company's planned spatial utilization aligns with Indonesia's regional plan for Sangihe Island. The permit award committee reviewed the company's work and build plan for the designated land area. The PKKPR permit is required before obtaining approval for the upgrade to production operations. The company is currently working as expeditiously as possible with the appropriate Indonesian ministries to resume production operations.
Terry Filbert, chief executive officer of Baru Gold, commented: "I'm very happy to see the ongoing progress with the awarding of this suitability of space permit. We are very close to securing all necessary permissions to restart production operations on Sangihe and this space utilization approval is an important step. Our upgrade to production operations is guaranteed under Indonesian law through our contract of work and I look forward to obtaining this approval in the near future."
The company also announces the closing of the first tranche of the private placement announced on Sept. 17, 2024, for $52,999.95 and will be issuing 3,533,330 units. 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 proceeds raised from the private placement will be used for working capital with no payments to non-arm's-length parties and/or investor relations providers. 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 which will expire on Jan. 27, 2025. The private placement is also subject to final exchange approval.
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. Based in Indonesia and North America, Baru's team boasts extensive experience in starting and operating small-scale gold assets.