(TheNewswire)
April 14, 2023 – TheNewswire - BaruGold Corp. ( TSXV:BARU ) | ( OTC:BARUF ) announces it iscontinuing its non-brokered private placement consisting of up to65,000,000 units priced at $0.035 per unit for total proceeds of$2.275 million. Each unit will comprise one common share in thecapital of the company and one transferable common share purchasewarrant. Each warrant will entitle the holder to purchase oneadditional share at an exercise price of $0.05 for the first year and$0.10 cents for the second year during a two year term. The financingis expected to close on or before May 31, 2023.
The use of proceeds percentage of the financing will be13 per cent for land acquisition, 22 per cent for drilling, 7 per centfor security, 4 per cent for investor relations, 18 per cent forpayments to non-arm's-length parties and 36 per cent for workingcapital. The Company intends to spend the funds available to it asstated in this news release. There may be circumstances, however,where, for sound business reasons, a reallocation of funds may benecessary.
Note: The company cautions readers that the anyproduction decision made by the company will not be based on aNational Instrument 43-101 feasibility study of mineral reserves thatdemonstrates economic and technical viability, and, as such, there maybe involved increased uncertainty and various technological andeconomic risks such as the interpretation of drill results; thegeology, grade and continuity of mineral deposits; the possibilitythat future exploration, development or mining results will not beconsistent with the Company's expectations; commodity and currencyprice fluctuation; failure to obtain adequate financing; regulatory,recovery rates, refinery costs, and other relevant conversion factors,permitting and licensing risks; general market and mining explorationrisks, and production and economic risks related to design andengineering, manufacturing, technological processes and testprocedures, and the risk that the project's output will not besaleable at a price that will cover the project's operating andmaintenance costs.
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. Inconnection with the private placement, the company may pay finders'fees in cash or securities, or a combination of both, as permitted bythe policies of the exchange.
The securities being offered have not been, nor willthey be, registered under the United States Securities Act of 1933, asamended, or state securities laws, and may not be offered or soldwithin the United States or to, or for the account or benefit of, U.S.persons absent U.S. federal and state registration or an applicableexemption from the U.S. registration requirements.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold project 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 and105,000 inferred ounces of gold, as reported inthe company's "Independent Technical Report on the MineralResource Estimates of the Binebase and Bawone Deposits, SangiheProject, North Sulawesi, Indonesia," dated May 30, 2017. Readersare cautioned that mineral resources that are not mineral reserves donot have demonstrated economic viability. The company intends toproceed to production without the benefit of first establishingmineral reserves supported by a feasibility study.
The Company's 70-per-cent interest in the Sangihemineral tenement contract of work (CoW) is held through PT. TambangMas Sangihe (TMS). The remaining 30-per-cent interest in TMS is heldby three Indonesian corporations. The term of the Sangihe CoWagreement is 30 years upon commencement of the production phase of theproject.’
Baru has met all the requirements of the Indonesiangovernment and has been granted its environmental permit. The companyhas received approval for the upgrade of its licence to advance theSangihe project to construction and production.
ABOUT BARU GOLD
Baru Gold is a dynamic junior gold developer withNational Instrument 43-101 gold resources in Indonesia, one of the top10 gold-producing countries in the world. Based in Indonesia and NorthAmerica, Baru's team boasts extensive experience in starting andoperating small-scale gold assets.
Frank Rocca, BAppSc (geology), MAusIMM, MAIG, CPI-KCMI,chief geologist of Baru Gold, is the qualified person as defined underNI 43-101 who has reviewed and approves the content of thisrelease.
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 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICESOR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2023 TheNewswire - All rights reserved.