BARU GOLD Announces Priv Ate Placement After Investor Interest Increases as a Result of Mcto Revocation
News Release
March 7, 2024 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
BARU GOLD ANNOUNCES PRIV ATE PLACEMENT AFTER INVESTOR INTEREST INCREASES AS
A RESULT OF MCTO REVOCATION
Vancouver, BC - Baru Gold Corp (“Baru” and its subsidiary PT. T ambang Mas Sangihe (“TMS”) or the
“Company”) announces to shareholders a non-brokered private placement consisting of up to 5,000,000 units priced
at $0.02 per unit for total proceeds of $100,000.
Each unit will comprise one common share in the capital of the Company and one non-transferable common share
purchase warrant. Each warrant will entitle the holder to purchase over two years one additional share at an exercise
price of $0.05. The financing is expected to close on or before March 25, 2024.
The use of proceeds of the financing will be for working capital while the Company awaits the issuance of the State
of Activity upgrade to Production Operation status. The Company reminds interested participants that the Private
Placement is subject to re-pricing if the stock price increases following the release of news. Insiders of the Company
participation in the foregoing offering constitutes a "related party transaction" as defined under Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such
participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as
neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid
by such insiders, exceed 25% of the Company's market capitalization.
This offering is being made due to increased investor interest from increasing gold prices and after the British
Columbia Securities Commission revoked the temporary management cease trade order (the "MCTO") on March 6, 2024.
The MCTO prevented the Company’s Officers, Board and Insiders from trading in the Company’s securities but did not
affect the ability of other shareholders, including the public, to trade in the securities of the Company.
The Company confirms filing the 2023 audited annual financial statements and the BCSC’s Executive Director has
revoked the MCTO. The Company confirms that since the date of t he Default Announcement, other than as
described above: (a) there has been no material change to the information set out in the Default Announcement that
has not been generally disclosed; (b) there has been no failure by the Company in fulfilling its stated intentions with
respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not
been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default
Announcement; and (d) there is no other material information co ncerning the affairs of the Company that has not
been generally disclosed.
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 s ecurities laws. All 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 may be permitted by the policies of the exchange.
Baru Gold Corp
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
The securities being offered have not been, nor will they be, r egistered 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 sta te registration or an applicable exemption from the
U.S. registration requirement.
The Company is in the process of closing the final tranche of t he previous private placement announced January
24, 2024 and increased offering on February 13, 2024.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesi an island of Sangihe, off the northern coast of
Sulawesi. Sangihe has an existing National Instrument 43-101 in ferred mineral resource of 114,700 indicated and
105,000 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” (May 30,
2017). Readers are cautioned that mineral resources that are no t 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 cautions readers that the a ny production decision made by the Company will
not be based on a NI 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
The Company's 70-percent interest in the Sangihe-mineral-teneme nt Contract of Work (“CoW”) is held through
PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent inter est in TMS is held by three Indonesian
corporations. 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.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the
top ten 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.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
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 differe nt from those expressed or imp lied 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. Re aders should perform a detailed, independent investigation and
analysis of the Company and are encouraged to seek independent professional advice before 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 statements to reflect events or
changes in circumstances that occur after the date hereof.