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Baru Gold Announces Shares for Debt Transaction and Cancellation of Previously Announced Debt Settlement
(TheNewswire)
November 13, 2023 –
TheNewswire –
Vancouver, BC
– Baru
Gold Corp.
(
TSXV:BARU
)
|
(
OTC:BARUF
)
(“
Baru
” or the
“Company”) announces that it
has approved
the settlement in the amount of $
183,139.68
of debt through the issuance of
common shares of the Company (the “
Debt Settlement
”).
Pursuant to the Debt Settlement, the Company would issue
6,104,656
common
shares of the Company at a deemed price of
$0.03
per common
share to Terrence Filbert, the Chairman and CEO of the Company (the
“
Creditor”
).
The Debt Settlement is for $128,139.68 in cash advances
from Terrence Filbert to the Company from February 2023 to May 2023,
and $55,000.00 in management fees from September 2022 to August 31,
2023.
The issuance of the common shares to the Creditor is
subject to the approval 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.
Insiders of the Company participation in the foregoing
offering constitutes a “related party transaction” as
defined under
Multilateral
Instrument 61-101
Protection of Minority Security Holders in
Special Transactions
(
“MI 61-101”
).
Such participation is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the securities acquired by the insiders, nor the
consideration for the securities paid by such insiders, exceed 25% of
the Company’s market capitalization.
The proposed settlement of
$334,463.28
of debt
through the issuance of
6,689,266
common shares as announced on
September 25, 2023 is hereby cancelled.
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.
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da
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f.
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