(TheNewswire)
Vancouver, BC - TheNewswire - March 3, 2023 - BaruGold Corp (the “ Company ” or“ Baru ”) ( TSX.V:BARU ) ( OTC:BARUF ) announces that ithas closed $20,000, issuing 1,000,000 Units in the second and finaltranche of the $1.5 million financing previously announced on January4, 2023. Each unit will be comprised of one common share in thecapital of the Company (a “Share”) and one common share purchasewarrant (a “Warrant”). Each full Warrant shall be exercisable intoone Share for 2 years from the date such Warrant is issued at anexercise price of $0.05 for the first year and $0.10 for the secondyear. The proceeds raised from the PrivatePlacement will be used for immediate working capital commitments atthe Sangihe Gold project.
All securities issued in the second and final trancheof the Private Placement will be subject to a four-month hold periodexpiring June 22, 2023.
This news release shall not constitutean offer to sell or the solicitation of an offer to buy nor shallthere be any sale of the securities in any state in which such offer,solicitation or sale would be unlawful. The securities have not beenregistered under the United States Securities Act of 1933, as amended,and may not be offered or sold in the United States absentregistration or an applicable exemption from the registrationrequirements.
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 golddeveloper with NI 43-101 gold resources in Indonesia, one of the topten gold producing countries in the world. Based in Indonesia andNorth America, Baru’s team boasts extensive experience in startingand operating small-scale gold 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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