(TheNewswire)
June 5, 2024 – TheNewswire - Vancouver, BC - BaruGold Corp. (“ Baru ” or the “Company”) “BARU: TSX.V | BARUF: OTCQB” reports that its board of directors has approvedthe settlement of up to $137,500 of debt through the issuance ofcommon shares of the Company (the “Debt Settlement”). Pursuant tothe Debt Settlement, the Company would issue up to 6,875,000 commonshares of the Company (the “Shares”) at a deemed price of $0.02per Share to certain directors and officers of the Company (the“Creditors”)
The Debt Settlement is for $137,500 in management anddirector fees from October 2022 to May 2024. The issuance of thecommon shares to the Creditors is subject to the approval of the TSXVenture Exchange. All securities issued will be subject to a fourmonth hold period which will expire on the date that is four monthsand one day from the date of issue.
Insiders of the Company participation in the foregoingoffering constitutes a "related party transaction" asdefined under MultilateralInstrument 61-101 Protection of Minority Security Holders inSpecial Transactions ( “MI 61-101” ).Such participation is exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 as neither the fairmarket value of the securities acquired by the insiders, nor theconsideration for the securities paid by such insiders, exceed 25% ofthe Company's market capitalization.
The proposed settlement of $157,500 of debt through theissuance of 7,875,000 common shares as announced on May 24, 2024, ishereby cancelled.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producingcountries in the world. Based in Indonesia and North America, Baru’steam boasts extensive experience in starting and operating small-scalegold assets.
BARU GOLD CORP
Per: “Terrence Filbert”
Terrence 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 TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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