(TheNewswire)
Vancouver, BC - TheNewswire - January 26, 2023 - Baru Gold Corp (the “ Company ” or “ Baru ”) ( OTC:BARUF ) (TSXV:BARU) announces that it has closed $140,800.00,issuing 7,040,000 Units in the first tranche of the $1.5 millionfinancing previously announced on January 4, 2023. Each unit will becomprised of one common share in the capital of the Company (a“Share”) and one common share purchase warrant (a “Warrant”).Each full Warrant shall be exercisable into one Share for 2 years fromthe date such Warrant is issued at an exercise price of $0.05 for thefirst year and $0.10 for the second year. The private placement (the“Private Placement”) consists of up to 75,000,000 units priced at$0.02 per unit (the “Unit”). The proceeds raised from thePrivate Placement will be used for immediate working capitalcommitments at the Sangihe Gold project.
Mr. Terry Filbert, CEO of Baru, commented,“ This first trancherepresents the subscriptions received within the first few daysfollowing the announcement of the private placement. The funds willbe used for working capital commitments. The response on the privateplacement has been very positive from both new and long-terminvestors. The Company anticipates that with Baru’s continuedpositive momentum and the recent increase in the price of gold thatthe private placement will be fully subscribed in the comingweeks. ”
In this tranche, finder’s fees of $3,290.00 arepayable in cash on a portion of the private placement to parties atarm’s length to the Company. In addition, 164,500 non-transferable finder’s warrants to purchase up to164,500 Shares are being issued (the “Finder’s Warrants”), theFinder’s Warrants having the same terms as the Warrants.
All securities issued in the first tranche of thePrivate Placement will be subject to a four-month hold period expiringMay 25, 2023.
The Private Placement is subject to certain conditions including, butnot limited to, the receipt of all necessary regulatory approvals,including acceptance of the TSX Venture Exchange.
This news release shall not constitute an offer to sellor the solicitation of an offer to buy nor shall there be any sale ofthe securities in any state in which such offer, solicitation or salewould be unlawful. The securities have not been registered under theUnited States Securities Act of 1933, as amended, and may not beoffered or sold in the United States absent registration or anapplicable exemption from the registration requirements.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesianisland of Sangihe, off the northern coast of Sulawesi. Sangihe has anexisting National Instrument 43-101 inferred mineral resource of114,700 indicated and 105,000 inferred ounces of gold, as reported inthe Company's “Independent Technical Report on the Mineral ResourceEstimates of the Binebase and Bawone Deposits, Sangihe Project, NorthSulawesi, Indonesia” (May 30, 2017). Readers are cautioned thatmineral resources that are not mineral reserves do not havedemonstrated economic viability.
The Company intends to proceed to production without the benefit offirst establishing mineral reserves supported by a feasibility study.The Company cautions readers that the any production decision made bythe Company will not be based on a NI 43-101 feasibility study ofmineral reserves that demonstrates economic and technical viabilityand as such, there may be involved increased uncertainty and varioustechnological and economic risks
The Company's 70-percent interest in the Sangihe-mineral-tenementContract of Work (“CoW”) is held through PT. Tambang Mas Sangihe(“TMS”). The remaining 30-percent interest in TMS is held by threeIndonesian corporations. The term of the Sangihe CoW agreement is 30years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and hasbeen granted its environmental permit.
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: “Terry Filbert”
Terry Filbert, Director
President & CEO
info@barugold.com
+1- 206-890-8285
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.
Certain statements in this NewsRelease, which are not historical in nature, constitute “forwardlooking statements” within the meaning of that phrase underapplicable Canadian securities law. These statements include, but arenot limited to, statements or information concerning future workprograms, results and timing of any work programs, the Company’sperformance or events as of the date hereof. These statements reflectmanagement’s current assumptions and expectations and by theirnature are subject to certain underlying assumptions, known andunknown risks and uncertainties and other factors which may causeactual results, performance or events to be materially different fromthose expressed or implied by such forward looking statements. Thoserisks include the interpretation of drill results; the geology, gradeand continuity of mineral deposits; the possibility that futureexploration, development or mining results will not be consistent withour expectations; commodity and currency price fluctuation; failure toobtain adequate financing; regulatory, recovery rates, refinery costs,and other relevant conversion factors, permitting and licensing risks;general
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