Not for dissemination in the United States or through U.S. newswires
Vancouver, B.C., September 21, 2023, Sanu Gold Corporation (CSE: SANU; OTCQB: SNGCF) (“Sanu Gold” or the “Company”) is pleased to announce a non-brokered private placement (the “Placement”) of up to 69,000,000 common shares (each, a “Common Share”) at a price of $0.05 per Common Share for aggregate gross proceeds to the Company of up to $3,450,000.
“Building on the Company’s recent high-grade gold discovery at our flagship Bantabaye Gold Exploration Permit in Guinea, West Africa, these additional funds will allow us to continue to aggressively advance our exploration in the world’s number one gold mining region.” commented Martin Pawlitschek, President and CEO of Sanu Gold.
The net proceeds of the Placement will be used to advance exploration on the Company’s Bantabaye Gold Exploration Permit in Guinea, West Africa, the Company’s other exploration permits in Guinea, West Africa and for general working capital purposes. The Placement is subject to regulatory approval and all securities issued pursuant to the Placement are subject to a four-month hold period under applicable Canadian securities laws.
The Company may pay finders’ fees in connection with the Placement, as permitted by applicable securities laws and the rules of the Canadian Securities Exchange (“CSE”). Eventus Capital Corp. has been appointed as a finder in connection with the Placement. The finders’ fees will consist of a commission equal to 6% of proceeds raised, payable in cash or through the issuance of Common Shares at a deemed price of $0.05 per Common Share. The Placement is subject to the Company’s filing requirements with the CSE and the Company anticipates closing of the Placement as soon as practicable subject to receipt of all necessary regulatory approvals.
Certain directors and/or officers of the Company may acquire securities under the private placement. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The scientific and technical information contained in this press release has been reviewed and approved by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG), Exploration Manager of the Company and a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Sanu Gold
Located within the Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits in Guinea, West Africa. The Company has defined multi-kilometer long gold-bearing structures on each of the gold exploration permits, with multiple high-value drill targets and is targeting multi-million ounce gold discoveries. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting.
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company’s website at www.sanugoldcorp.com or contact:
Fiona Childe, Ph.D., P.Geo.
VP, Corporate Development & Communications
Sanu Gold Corp.