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Baru Gold Announces Private Placement After Investor Interest Increases as a Result of MCTO Revocation
(TheNewswire) Vancouver, BC – TheNewswire – March 7, 2024 - Baru Gold...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Announces Private Placement After Investor Interest Increases as a Result of MCTO Revocation\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \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 –\nMarch 7, 2024 -\n \n \n Baru Gold Corp\n \n \n (TSXV:BARU) (OTC:BARUF)\n \n \n and its\nsubsidiary PT. Tambang Mas Sangihe (“TMS”) or the “Company”)\nannounces to shareholders\n \n \n a non-brokered private\nplacement consisting of up to 5,000,000 units priced at $0.02 per unit\nfor total proceeds of $100,000.\n \n \n \n \n Each unit will comprise one common share in the capital\nof the Company and one non-transferable common share purchase warrant.\nEach warrant will entitle the holder to purchase over two years one\nadditional share at an exercise price of $0.05. The financing is\nexpected to close on or before March 25, 2024.\n \n \n \n \n The use of proceeds of the financing will be for\nworking capital while the Company awaits the issuance of the State of\nActivity upgrade to Production Operation status. The Company reminds\ninterested participants that the Private Placement is subject to\nre-pricing if the stock price increases following the release of news.\nInsiders of the Company participation in the foregoing offering\nconstitutes a \"related party transaction\" as defined under\nMultilateral Instrument 61-101\n \n \n \n Protection of Minority Security Holders in Special\nTransactions\n \n \n \n (“MI 61-101”). Such\nparticipation is exempt from the formal valuation and minority\nshareholder approval requirements of MI 61-101 as neither the fair\nmarket value of the securities acquired by the insiders, nor the\nconsideration for the securities paid by such insiders, exceed 25% of\nthe Company's market capitalization.\n \n \n \n \n This offering is being made due to increased investor\ninterest from increasing gold prices and after the\n \n \n British Columbia Securities Commission revoked the temporary\nmanagement cease trade order (the \"MCTO\") on March 6, 2024.\nThe MCTO prevented the Company’s Officers, Board and Insiders from\ntrading in the Company’s securities but did not affect the ability\nof other shareholders, including the public, to trade in the\nsecurities of the Company.\n \n \n \n \n The Company ...