Business
Baru Gold Announces Gold Loan Mandate for $15 Million USD
(TheNewswire) Vancouver, BC - TheNewswire - February 7, 2023 - Baru Gold Corp (...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Announces Gold Loan Mandate for $15 Million USD\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n February 7, 2023 -\n \n \n Baru Gold Corp (“\n \n \n Baru\n \n \n ” and its subsidiary PT. Tambang Mas\nSangihe (“\n \n \n TMS\n \n \n ”) or the “\n \n \n Company\n \n \n ”)\n \n \n (\n \n \n TSX.V:BARU)\n(OTC:BARUF)\n \n \n is happy to announce to stakeholders\nand investors the signing of an agreement with an Asian-based\nInvestment and Banking Advisory Firm (the “Investment Firm”) to\nassist with  placing a USD 15 Million gold-prepayment agreement\n(“Gold Loan”). The financing to be covered by the Gold Loan is in\nthe form of a loan that is non-dilutive to shareholders. The expected\ndate of closing is in approximately 90 days. The Gold Loan is in\naddition to the Private Placement announced on January 4, 2023.\n \n \n \n \n The Investment Firm is headquartered in Singapore with\noffices worldwide and is a leading finance provider to growing\ncompanies in\n \n \n Southeast Asia, the Middle East and\nAfrica\n \n \n . The Investment Firm has a long and\nsuccessful track record of investments in Indonesia. With worldwide\ncapital networks, they have raised over USD 1.6 Billion and worked\nextensively on securing financing for various mining companies and\ncompanies that trade precious metals.\n \n \n \n \n The terms of the engagement of the Investment Firm\ninclude the payment of: (i) a non-refundable commitment fee of\nUS$7,500; (ii) a non-refundable milestone fee of US$10,000 payable\nupon acceptance and signing of any indicative term sheet or contract\nwith the proposed lender; (iii)\n \n a\n \n 2.75% fee\nbased on the prepayment amount and the loan principal payable upon the\nclosing of the loan transaction; and a 2% commission on the sale value\nof any gold dore sold to any purchasing parties introduced by the\nInvestment Firm to the Company.\n \n \n \n \n The primary objective of the Gold Loan is to bring the\nSangihe Project into production. Most of the funding will be used to\nexpand land acquisition, construct more heap leach pads, build\nadditional pits and other necessary production facilities, hire\nsecurity, and obtain a Merrill Crowe Plant. A Merrill Crowe Plant ...