Business
Baru Gold Announces Shares for Debt Transaction and Cancellation of Previously Announced Debt Settlement
(TheNewswire) November 13, 2023 – TheNewswire - Vancouver, BC - Baru Gol...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Announces Shares for Debt Transaction and Cancellation of Previously Announced Debt Settlement\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 November 13, 2023 –\n \n \n TheNewswire -\n \n \n Vancouver, BC\n \n \n - Baru\nGold Corp.\n \n \n (\n \n \n TSXV:BARU\n \n \n )\n \n \n |\n \n \n (\n \n \n OTC:BARUF\n \n \n )\n \n \n (“\n \n \n Baru\n \n \n ” or the\n“Company”) announces that it\n \n \n has approved\nthe settlement in the amount of $\n \n \n 183,139.68\n \n \n of debt through the issuance of\ncommon shares of the Company (the “\n \n \n Debt Settlement\n \n \n ”).\nPursuant to the Debt Settlement, the Company would issue\n \n \n 6,104,656\n \n \n common\nshares of the Company at a deemed price of\n \n \n $0.03\n \n \n per common\nshare to Terrence Filbert, the Chairman and CEO of the Company (the\n“\n \n \n Creditor”\n \n \n ).\n \n \n \n \n The Debt Settlement is for $128,139.68 in cash advances\nfrom Terrence Filbert to the Company from February 2023 to May 2023,\nand $55,000.00 in management fees from September 2022 to August 31,\n2023.\n \n \n \n \n The issuance of the common shares to the Creditor is\nsubject to the approval of the TSX Venture Exchange. All securities\nissued will be subject to a four month hold period which will expire\non the date that is four months and one day from the date of\nissue.\n \n \n \n \n Insiders of the Company participation in the foregoing\noffering constitutes a \"related party transaction\" as\ndefined under\n \n \n Multilateral\nInstrument 61-101\n \n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n \n (\n \n \n “MI 61-101”\n \n \n ).\nSuch participation 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 The proposed settlement of\n \n \n $334,463.28\n \n \n of debt\nthrough the issuance of\n \n \n 6,689,266\n \n \n common shares as announced on\nSeptember 25, 2023 is hereby cancelled.\n \n \n \n \n ABOUT BARU GOLD CORP.\n \n \n \n Baru Gold Corporation is a dyn...