Baru Gold Corp. (TSX-V:BARU) has announced a non-brokered private placement involving the issue of up to 7.5 million shares at $0.02 each, aiming to raise a total of $150,000.
Proceeds of the financing will be for working capital while Baru Gold awaits the issuance of the State of Activity upgrade to Production Operation status.
Each share comprises one common share in the capital of Baru Gold Corp. (TSX-V:BARU)and a non-transferable common share purchase warrant.
The private placement includes a re-pricing clause if Baru Gold's stock price sees an uptick following the news release.
The Sangihe Gold Project, central to this financial venture, boasts a considerable resource base.
Located off the northern coast of Sulawesi, Indonesia, it has an inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold.
Baru Gold’s 70% interest in the Sangihe-mineral-tenement Contract of Work is held through PT. Tambang Mas Sangihe, with the remaining 30% interest held by three Indonesian corporations.