BARU GOLD ANNOUNCES $2.25 MILLION FINANCING Baru Gold Corp. is conducting a $2.25-million non-brokered private placement consisting of up to 75,000,000 priced at $0.03 per unit. Each unit will comprise one common share in
News Release
February 21, 2023 BARU: TSX.V | BARUF: OTCQB
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
BARU GOLD ANNOUNCES $2.25 MILLION FINANCING
Baru Gold Corp. is conducting a $2.25-million non-brokered private placement consisting
of up to 75,000,000 priced at $0.03 per unit. Each unit will comprise one common share in
the capital of the company and one transferable common shar e purchase warrant. Each
warrant will entitle the holder to purchase one additional share at an exercise price of $0.05
for the first year and $0.10 cents for the second year during a two year term. The financing
is expected to close on or before April 7, 2023.
The use of proceeds percentage of the financing will be 13 per cent for land acquisition, 22
per cent for drilling, 7 per cent for security, 4 per cent for investor relations, 18 per cent for
payments to non-arm's-length parties and 36 per cent for working capital.
Note: The company cautions readers that the any production decision made by the company
will not be based on a National Instrument 43-101 feasibility study of mineral reserves that
demonstrates economic and technical viability, and, as such, there may be involved
increased uncertainty and various technological and economic risks such as the
interpretation of drill results; the geology, grade and continuity of mineral deposits; the
possibility that future exploration, development or mining results will not be consistent
with the C ompany's expectations; commodity and currency price fluctuation; failure to
obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant
conversion factors, permitting and licensing risks; general market and mining exploration
risks, and production and economic risks related to design and engineering, manufacturing,
technological processes and test procedures, and the risk that the project's output will not
be saleable at a price that will cover the project's operating and maintenance costs.
The private placement is subject to regulatory approval, and all securities to be issued
pursuant to the financing are subject to a four-month hold period under applicable Canadian
securities laws. A ll funds are denominated in Canadian dollars. In connection with the
private placement, the company may pay finders' fees in cash or securities, or a
combination of both, as permitted by the policies of the exchange.
The securities being offered have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended, or state securities laws, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S. persons absent
U.S. federal and s tate registration or an applicable exemption from the U.S. registration
requirements.
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold project is located on the Indonesian island of Sangihe, off the northern
coast of Sulawesi. Sangihe has an existing National Instrument 43- 101 inferred mineral
resource of 114,700 indicated and105,000 inferred ounces of gold, as reported in the
company's "Independent Technical Report on the Mineral Resource Estimates of the
Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia," dated May
30, 2017. Readers are cautioned that mineral resources that are not mineral reserves do not
have demonstrated economic viability. The company intends to proceed to production
without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70- per-cent interest in the Sangihe mineral tenement contract of work
(CoW) is held through PT. Tambang Mas Sangihe (TMS). The remaining 30- per-cent
interest in TMS is held by three Indonesian corpor ations. The term of the Sangihe CoW
agreement is 30 years upon commencement of the production phase of the project.’
Baru has met all the requirements of the Indonesian government and has been granted its
environmental permit. The company has received approval for the upgrade of its licence to
advance the Sangihe project to construction and production.
ABOUT BARU GOLD
Baru Gold is a dynamic junior gold developer with National Instrument 43- 101 gold
resources in Indonesia, one of the top 10 gold- producing countries in the world. Based in
Indonesia and North America, Baru's team boasts extensive experience in starting and
operating small-scale gold assets.
Frank Rocca, BAppSc (geology), MAusIMM, MAIG, CPI-KCMI, chief geologist of Baru
Gold, is the qualified person as defined under NI 43- 101 who has reviewed and approves
the content of this release.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
+1-206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward
looking statements” within the meaning of that phrase under applicable Canadian securities law.
These statements include, but are not limited to, statements or information concerning future work
programs, results and timing of any work programs, the Company’s performance or events as of
the date hereof. These statements reflect management’s current assumptions and expectations and
by their nature are subject to certain underlying assumptions, known and unknown risks and
uncertainties and other factors which may cause actual results, performance or events to be
materially different from those expressed or implied by such forward looking statements. Those
risks include the interpretation of drill results; the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results will not be
consistent with our expectations; commodity and currency price fluctuation; failure to obtain
adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion
factors, permitting and licensing risks; general market and mining exploration risks and
production and economic risks related to design and engineering, manufacturing, technological
processes and test procedures and the risk that the project’s output will not be salable at a price
that will cover the project’s operating and maintenance costs. Forward-looking statements should
not be construed as investment advice. Readers should perform a detailed, independent
investigation and analysis of the Company and are encouraged to seek independent professional
advice b efore making any investment decision. Accordingly, readers should not place undue
reliance on any forward-looking statement. Except as required by applicable securities laws, the
Company disclaims any obligation to update or revise any forward looking stat ements to reflect
events or changes in circumstances that occur after the date hereof.