Baru Gold Corp. (TSX-V:BARU) announced it is conducting a non-brokered private placement after noting a recent increase in investor interest.
The junior gold developer attributed this increased investor interest to rising gold prices and the revoking of a temporary management cease trade order (MCTO) by the British Columbia Securities Commission on March 6, 2024.
It confirmed it has filed its 2023 audited annual financial statements, leading to the revoking of the MCTO.
For the non-brokered private placement, the company intends to offer 5 million units priced at $0.02 for proceeds of $100,000 which will be used for working capital.
Each unit will comprise one share and a non-transferable share purchase warrant entitling the holder to purchase over two years an additional share at an exercise price of $0.05.
The financing is expected to close on or before March 25, 2024.
The company said it is also in the process of closing the final tranche of a private placement announced on January 24, 2024, and increased on February 13, 2024.
Baru Gold has NI 43-101 gold resources in Indonesia.