Baru Gold Corp. (TSX-V:BARU) announced that it has closed another tranche of a private placement, on top of the three tranches already closed, for proceeds of $90,900.
The company said it issued 4,545,000 units at $0.02.
Each unit comprised a share and a non-transferable share purchase warrant, with each warrant exercisable for a share at $0.05 for two years from the date of issue.
Baru Gold said it has raised an aggregate of $210,400 and issued 10,520,000 units.
It plans to use $80,000 of the proceeds towards legal fees related to the processing of the upgrade to its Sangihe gold project in Indonesia to production operation status (of $150,000), $80,000 for audit fees and $50,400 for general working capital.
Additionally, the company announced that it has increased its non-brokered private placement announced on March 7, 2024, to 6 million units priced at $0.02 for total proceeds of $150,000.
Of this, $70,000 will be used for the balance of legal fees related to the Sangihe project upgrade and $80,000 for working capital.
Each unit is comprised of one share and one non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.05 for two years.
This financing round is expected to close on or before March 25, 2024.
Baru Gold is a junior gold developer with NI 430191 gold resources in Indonesia.