Baru Gold Corp. (TSX-V:BARU) said its previously announced financing that will support its efforts to bring the Sangihe gold project in Indonesia into production is progressing well and it is currently in discussions with three potential investors or institutions.
The company said one of the institutions is undertaking final due diligence, which it expects to conclude imminently.
Additionally, Baru announced a $100,000 non-brokered private placement, the proceeds of which will be used for working capital purposes while it completes the due diligence on the other financing.
The offering will consist of up to 3,333,333 units priced at $0.03 per unit.
Each unit will be made up of one share and one transferable share warrant, entitling the holder to purchase an additional share for $0.05 in the first year and $0.10 in the second year.
It is expected to close on or before June 23, 2023.
Baru Gold is a dynamic junior gold developer with National Instrument 43-101 gold resources in Indonesia, one of the top 10 gold-producing countries in the world.