Business
Baru Gold Corp Announces US$35,000,000 Letter of Intent for Investment
(TheNewswire) February 24, 2025 – TheNewswire - VANCOUVER, B.C. - Baru Gold Corp...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Corp Announces US$35,000,000 Letter of Intent for Investment\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 February 24, 2025 – TheNewswire -\n \n\n VANCOUVER, B.C. - Baru Gold Corp.\n \n\n (\n \n\n TSX.V:BARU | OTCQB:\n \n\n BARUF)\n \n\n (the “Company” or “Baru”)\nis\n \n\n happy to provide an update to shareholders on\nthe latest progress in securing a strategic partner and investor to\nbring the Sangihe Project into production.\n \n\n\n\n The Company has signed a non-binding Letter of Intent\nwith a distinguished family office, located in Singapore, (the\n“Investor”) that specializes in developing new opportunities\nwithin the mining and real estate sectors. The Investor currently\nholds a portfolio of gold mines in various stages of operation within\nIndonesia. In addition, they have other investments in leisure,\nresidential, and commercial property developments in Southeast Asia.\n \n\n\n\n The Investor is proposing to carry out a private\nplacement resulting in the issuance of common shares equal to 60% of\nthe issued and outstanding equity in the Company after giving effect\nto the private placement for USD$35,000,000 (CAD $49,598,000). The\npayment period and terms are still to be negotiated.\n \n\n\n\n The Company and the Investor will be working through\nthe due diligence process and the drafting of definitive agreements.\nThe investment will\n \n\n remain subject to approval\nby both the TSXV and a vote by Baru shareholders. Although all of the\nparties involved are committed to seeing this opportunity close as\nquickly as possible, investors are cautioned that this Letter of\nIntent is non-binding until the transaction is approved and the\ndefinitive agreements are signed.\n \n\n\n\n Mr. Terry Filbert, CEO of Baru, commented,\n“\n \n\n I am thrilled at this\nopportunity. The Investor has significant experience operating within\nIndonesia and both parties are very much looking forward to closing\nthis investment\n \n\n . I am in full\nsupport of the contemplated transaction. This investment opportunity\nwill allow shareholders to realise the maximum value of the\nCompany’s entire portfolio.\n \n\n ”\n \n\n\n\n ABOUT SANGIHE GOLD PROJECT\n \n\n\n\n\n\n The Sangihe Gold Project\n(“Sangihe”) is loca...