Baru Gold Closes Shares For Debt Settlement
Vancouver - Baru Gold Corp. ("Baru" or the "Company") reports that its board of directors has approved the settlement of up to $162,782 of debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company would issue up to 10,852,133 common shares of the Company (the "Shares") at a deemed price of $0.015 per Share to Shidan Murphy, director of the Company (the "Creditor") The Debt Settlement, previously announced on August 29, 2024, has been amended to $162,782 cash advances to the Company from November 2022 to May 2023. These cash advances were non-interest bearing, unsecured, with no stated terms of repayment.
The issuance of the common shares to the Creditor is subject to the final acceptance of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
The Creditor participating in this debt settlement is an insider of the Company and accordingly, the debt settlement and the cash advances to the Company are considered a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions for a formal valuation and minority shareholder approval requirements under MI 61-101 on the basis of the exemptions of M61-101, as neither the fair market value of the shares issued to insiders in connection with the debt settlement, and the fair market value of the advances did not exceed 25 per cent of the Company's market capitalization.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru's team boasts extensive experience in starting and operating small-scale gold assets.
BARU GOLD CORP
Per: "Terrence Filbert"
Terrence Filbert, Director
President & CEO
info@barugold.com
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2024 TheNewswire - All rights reserved.