Sanu Gold Closes $3.45 Million Private Placement
Sanu Gold Closes $3.45 Million Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2023) -
Sanu Gold Corporation (CSE:
SANU) (OTCQB: SNGCF)
("Sanu Gold" or the "Company") is pleased to announce the closing of the
Company's fully subscribed $3.45 million non-brokered private placement (the "Placement") announced
on September 21, 2023. The Placement consists of 69,000,000 common shares (each, a "Common
Share") at a price of $0.05 per Common Share.
Martin Pawlitschek, President and CEO of Sanu Gold, commented, "In a challenging market for
exploration companies, Sanu Gold has been able to successfully secure funding to continue
to advance our highly prospective gold projects in Guinea, West Africa. The next phase of
exploration will focus on our flagship Bantabaye Gold Exploration Permit, where we made an
exciting new discovery in our inaugural drill program earlier this year."
"We are grateful to our investor base for their ongoing support and pleased to be welcoming
new and highly respected institutional and high net worth investors. We had solid participation
in this financing by the Sanu Gold team, who remain strongly aligned with all shareholders. We
look forward to updating the market on our exploration plans for the upcoming field season in
due course," continued Mr. Pawlitschek.
The net proceeds of the Placement will be used to advance exploration on the Company's Bantabaye
Gold Exploration Permit, the Company's other exploration permits in Guinea, West Africa and for
general working capital purposes.
The Placement is subject to the Company's filing requirements with
the Canadian Securities Exchange ("CSE"). All securities issued pursuant to the Placement are subject
to a four-month hold period under applicable Canadian securities laws and will be subject to a resale
restriction expiring four months and one day from the closing date.
In connection with the closing of the Placement, the Company paid finders' fees of 6% cash, totaling
$102,990 to the following finders: Eventus Capital Corp., Haywood Securities Inc. and German Mining
Networks GmbH.
Four directors and officers of the Company ("Related Parties") acquired an aggregate of 4,800,000
Common Shares under the Placement for a total purchase price of $240,000.
This participation by
Insiders of the Company constitutes a "related party transaction" as defined under Multilateral Instrument
61-101
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). However, the
Placement will be exempt from the formal valuation and minority shareholder approval requirements of
MI 61-101 as neither the fair market value of any Common Shares issued to or the consideration paid by
such Related Parties will exceed 25% of the Company's market capitalization.
This news release does not constitute an offer to sell or solicitation of an offer to sell any
securities in the United States.
The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Sanu Gold
Sanu Gold is a publicly traded exploration company focused on a portfolio of highly prospective gold
projects in Guinea, West Africa's Siguiri Basin.
West Africa is the number one gold mining region in the world and Guinea's Siguiri Basin is a prolific, yet
underexplored part of this region. Despite being home to both long-lived multi-million ounce gold mines
and recently commissioned gold mines, Guinea's Siguiri Basin continues to produce important new gold
discoveries.
Sanu Gold has defined multi-kilometer long gold-bearing structures on each of its three exploration
permits and is targeting near-surface multi-million ounce gold discoveries. Initial drill programs on the
first two permits drilled have yielded high-grade gold discoveries. The company is operated by a highly
experienced team, with successful records of discovery, resource development and mine permitting
across West Africa.
Martin Pawlitschek
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company's website at
www.sanugoldcorp.com
or contact:
Fiona Childe, Ph.D., P.Geo.
VP, Corporate Development & Communications
Sanu Gold Corp.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning
of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include,
but are not limited to, the use of proceeds from the Placement. Although Sanu Gold believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties
include, but are not limited to, the Company's plans for exploration on its properties and ability to execute on plans, ability to raise sufficient capital to
fund its obligations under its property agreements going forward, ability to maintain its material property agreements, mineral tenures and
concessions in good standing, to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards
associated with mineral exploration and mining operations, future prices of gold and other metals, changes in general economic conditions and local
risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the
ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such
permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company
to monetize its mineral resources; changes in environmental and other laws or regulations that could have an impact on the Company's operations,
compliance with environmental laws and regulations, dependence on key management personnel; general competition in the mining industry
availability of capital and financing; general economic, market or business conditions, regulatory changes; timeliness of regulatory approvals as well
as those factors discussed in the Company's public disclosure record.. Forward-looking statements are based on the reasonable beliefs, estimates
and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation
to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Not for dissemination in the United States or through U.S. newswires
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