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Baru Gold Announces Closing of US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine
(TheNewswire) July 20 , 2022 – TheNewswire - Baru Gold Corp ...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Announces Closing of US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n July\n \n \n 20\n \n \n ,\n2022\n \n \n –\n \n \n TheNewswire -\n \n Baru Gold Corp\n \n (\n \n \n TSXV:\n \n \n BARU\n \n \n )\n \n \n |\n \n \n (\n \n \n OTC:BARUF\n \n \n )\n \n (“\n \n BARU\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it has successfully\nclosed its secured convertible loan transaction with Mercer Street\nGlobal Opportunity Fund, LLC, a fund managed by Mercer Street Capital\nPartners, LLC, a Miami-based institutional fund manager (together,\n“Mercer”), and raised a net proceeds of US$1,500,000 ($1.94\nMillion Canadian) to fund the development and construction of the\nSangihe gold mine in Indonesia, and for general working capital as\nannounced its previous press release (see BARU press release dated\nJuly 18, 2022).  In connection with such loan transaction, the\nCompany issued 15,000,000 share purchase warrants having a term of 2\nyears with an exercise price of $0.065 per common share over such term\n(previously stated as $0.0675 in error). Any common shares issuable\nupon the conversion of the loan principal or such share purchase\nwarrants shall be subject to resale restrictions expiring November 20,\n2022.\n \n \n \n ABOUT SANGIHE GOLD PROJECT\n \n \n \n \n The Sangihe Gold Project (“Sangihe”) is located on\nthe Indonesian island of Sangihe, off the northern coast of Sulawesi.\nSangihe has an existing National Instrument 43-101 inferred mineral\nresource of 114,700 indicated and 105,000 inferred ounces of gold, as\nreported in the Company's \"Independent Technical Report on the\nMineral Resource Estimates of the Binebase and Bawone Deposits,\nSangihe Project, North Sulawesi, Indonesia\" (May 30, 2017).\n \n \n Readers are cautioned that\nmineral resources that are not mineral reserves do not have\ndemonstrated economic viability. The Company intends to proceed to\nproduction without the benefit of first establishing mineral reserves\nsupported by a feasibility study.\n \n \n \n \n The Company's 70-percent interest in the\nSangihe-mineral-tenement Contract of Work (\"CoW\") is held\nthrough PT. Tambang Mas Sangihe (“TMS”). The remain...