Baru Gold Provides Update on Financing and Announces Private Placement Offering

About this update from Baru Gold Corp

[{"type":"text","content":"Baru Gold Provides Update on Financing and Announces Private Placement Offering\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 June 16, 2023 -\n \n \n TheNewswire -\n \n \n Vancouver, BC - Baru Gold Corp (the “Company” or\n“Baru”)\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 wishes to advise\nthe shareholders that the financing announced in the May 1, 2023 news\nrelease is progressing well.\n \n \n \n \n The Company is currently in discussion with three\npotential investors or institutions for the gold prepayment financing.\nOne of the institutions is undertaking final due diligence and the\nCompany expects the process to conclude imminently. Both parties are\nworking as expeditiously as possible to conclude the financing\nagreement.\n \n \n \n \n The Company also announces a $100,000 non-brokered\nprivate placement consisting of up to 3,333,333 units priced at $0.03\nper unit for total proceeds of $100,000. Each unit will comprise one\ncommon share in the capital of the Company and one transferable common\nshare purchase warrant. Each warrant will entitle the holder to\npurchase over two years one additional share at an exercise price of\n$0.05 for the first year and $0.10 cents for the second year. The\nfinancing is expected to close on or before June 23, 2023.\n \n \n \n \n The use of proceeds of the financing will be for\nworking capital purposes while the Company completes the due diligence\non the USD $10 million financing.\n \n \n \n \n Insiders of the Company participation in the foregoing\noffering constitutes a \"related party transaction\" as\ndefined under Multilateral Instrument 61-101\n \n \n \n Protection of Minority\nSecurity Holders in Special Transactions\n \n \n \n (“MI 61-101”). Such participation is exempt from the\nformal valuation and minority shareholder approval requirements of MI\n61-101 as neither the fair market value of the securities acquired by\nthe insiders, nor the consideration for the securities paid by such\ninsiders, exceed 25% of the Company's market capitalization.\n \n \n \n \n The private placement is subject to regulatory\napproval, and all securities to be issued pursuant to the financing\nare subject to a four-month hold period under applicable Canadian\nse...

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