Business
Sanu Gold Announces Closing of $3 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) ("Sanu Gold" or the "Company") is pleased t
About this update from Sanu Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) (\"Sanu Gold\" or the \"Company\") is pleased to announce the closing of the Company's increased and fully-subscribed $3 million non-brokered private placement (the \"Placement\"), previously announced on January 24 and February 10, 2023. The Placement consists of 11,112,037 units (the \"Units\") at a price of $0.27 per Unit, for total gross proceeds of $3,000,250, with each Unit comprised of one common share of the Company (each, a \"Common Share\") and one half of one common share purchase warrant (a \"Warrant\"). Each full Warrant entitles the holder thereof to purchase one Common Share of the Company at a price of $0.40 for a period expiring 36 months following the closing date of the Placement. Martin Pawlitschek, President and CEO of Sanu Gold, commented: \"We are very pleased with the overwhelming interest and investor support in this financing, which had strong demand in excess of the initial Placement size. We had significant interest from both institutional and retail investors who understand the potential for large-scale gold discoveries in Guinea, West Africa, a highly prospective and underexplored portion of world's top gold producing region.\" \"Sanu Gold is making final preparations to commence a 25,000 metre Reverse Circulation drill program on our Daina, Bantabaye and Diguifara Gold Exploration Permits in Guinea. Building on our 2022 high-grade gold discovery, where drilling intersected near-surface, oxide-hosted mineralization with grades of up to 5.48 grams of gold per tonne over 15 metres1 at the Daina 2 Main Zone, we will commence drilling on this and other high-priority targets on the Daina Gold Exploration Permit. Following this, we plan to conduct drilling on our flagship Bantabaye Gold Exploration Permit, which hosts a highly attractive structural setting and several significant gold in termite mound and auger anomalies that have never been previously drill tested. These are exciting days for the Company and we look forward to updating the market on our progress.\" Mr. Pawlitschek continued. Proceeds of the Private Placement will be used to advance exploration on the Company's drill-ready gold exploration permits in Guinea, West Africa and for general working capital purposes. The Pl...