Baru Gold Corp. (TSX-V:BARU) said it has closed the first tranche of its previously announced private placement, raising $67,000 by issuing 3,350,000 units.
Each unit will be comprised of a share and a non-transferable share purchase warrant entitling the holder to exercise it into one share for $0.05 for two years from the date of issue.
The junior gold developer said the proceeds of the private placement will be used for legal fees related to the processing of the upgrade of its Sangihe gold project in Indonesia to production operation status and working capital.