(TheNewswire)
March 13, 2024 – TheNewswire - Vancouver, BC - Baru Gold Corp ( TSXV:BARU ) | ( OTC:BARUF ) (the“ Company” or “Baru”) announces that it hasclosed an additional $90,900, issuing 4,545,000 Units at $0.02 perunit, as part of the Private Placement closings previously announcedon January 24, 2024, January 31, 2024 and February 13, 2024. Eachunit will be comprised of one common share in the capital of theCompany (a “Share”) and one non-transferable common share purchasewarrant (a “Warrant”). Each Warrant shall be exercisable for oneShare for 2 years from the date such Warrant is issued at an exerciseprice of $0.05.
The Company has raised an aggregate of $210,400 andissued 10,520,000 units.
The proceeds raised from the Private Placement will beused as follows: $80,000 (towards the projected $150,000) legal feesrelated to the processing of the upgrade of its Sangihe Gold Projectto production operation status, $80,000 for audit fees, and $50,400for general working capital. No finder’s fees were paid inconnection with this issue.
All securities issued in the Private Placement will besubject to a four-month hold period expiring July 8, 2024.
The Company also wishes to announce an increase in thenon-broker private placement announced on March 7, 2024 consisting ofup to 6,000,000 units priced at $0.02 per unit for total proceeds of$150,000. The funding will be used as follows; $70,000 for theestimated balance of legal fees related to the processing of theupgrade of its Sangihe Gold Project to production operation status andthe $80,000 balance for working capital. There are no proposedpayments to non-arm’s length parties of the Company and no paymentsto persons conducting investor relations activities.
Each unit will comprise one common share in the capitalof the Company and one non-transferable common share purchase warrant.Each warrant will entitle the holder to purchase over two years oneadditional share at an exercise price of $0.05. This round offinancing is expected to close on or before March 25, 2024.
The Private Placement is subject to regulatoryapproval, and all securities to be issued pursuant to the financingare subject to a four-month hold period under applicable Canadiansecurities laws. All funds are denominated in Canadian dollars.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located onthe Indonesian island of Sangihe, off the northern coast of Sulawesi.Sangihe has an existing National Instrument 43-101 inferred mineralresource of 114,700 indicated and 105,000 inferred ounces of gold, asreported in the Company's “Independent Technical Report on theMineral Resource Estimates of the Binebase and Bawone Deposits,Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readersare cautioned that mineral resources that are not mineral reserves donot have demonstrated economic viability.
The Company intends to proceed to production withoutthe benefit of first establishing mineral reserves supported by afeasibility study. The Company cautions readers that the anyproduction decision made by the Company will not be based on a NI43-101 feasibility study of mineral reserves that demonstrateseconomic and technical viability and as such, there may be involvedincreased uncertainty and various technological and economicrisks
The Company's 70-percent interest in theSangihe-mineral-tenement Contract of Work (“CoW”) is held throughPT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interestin TMS is held by three Indonesian corporations. The term of theSangihe CoW agreement is 30 years upon commencement of the productionphase of the project.
Baru has met all the requirements of the Indonesiangovernment and has been 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
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 market and mining exploration risks and production andeconomic risks related to design and engineering, manufacturing,technological processes and test procedures and the risk that theproject’s output will not be salable at a price that will cover theproject’s operating and maintenance costs. Forward-lookingstatements should not be construed as investment advice. Readersshould perform a detailed, independent investigation and analysis ofthe Company and are encouraged to seek independent professional advicebefore making any investment decision. Accordingly, readers should notplace undue reliance on any forward-looking statement. Except asrequired by applicable securities laws, the Company disclaims anyobligation to update or revise any forward looking statements toreflect events or changes in circumstances that occur after the datehereof.
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