Baru Gold Corp. (TSX-V:BARU) told investors that its previously announced non-brokered private placement of up to 7.5 million units at $0.02 per unit for total proceeds of $150,000 will be used for legal fees related to the processing of the upgrade of its Sangihe gold project in Indonesia to production operation status.
Meanwhile, the company said that its management cease trade order (MCTO) remains in effect until the company files its 2023 financial statements which is expected to be completed in the next month.