(TheNewswire)
Vancouver, BC - TheNewswire - October 13, 2023 - Baru Gold Corp (the “ Company ” or “ Baru ”) ( TSX.V:BARU ) ( OTC:BARUF ) announces that it has closed $155,000, issuing 3,875,000Units previously announced on October 3, 2023 and October 11, 2023. Each unit will be comprised of one common share in the capital ofthe Company (a “Share”) and one non-transferable common sharepurchase warrant (a “Warrant”). Each Warrant shall be exercisablefor one Share for 2 years from the date such Warrant is issued at anexercise price of $0.07 for the first year and $0.10 for the secondyear.
The proceeds raised from the Private Placement will be used for working capital and pre-production expenses while the Companyawaits the issuance of the State of Activity upgrade to ProductionOperation status . The Company will pay afinder’s fee of $720 in cash commission and 18,000 finder’s warrants.
All securities issued in the Private Placement will besubject to a four-month hold period expiring February 12, 2024.
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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