NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, B.C., February 10, 2023, Sanu Gold Corporation (CSE: SANU; OTCQB: SNGCF) (“Sanu Gold” or the “Company”) is pleased to announce that the Company has increased the size of its previously announced non-brokered private placement (the “Placement”), (see the Sanu Gold news release dated January 24, 2023) to $3,000,000 due to increased investor demand.
Under the increased Placement terms, the Company is proposing to issue up to a maximum of 11,111,112 units (each, a “Unit”) at a price of $0.27 per Unit. Each Unit will be 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 will entitle the holder thereof to purchase one Common Share of the Company at a price of $0.40 for a period of 36 months following the closing date of the Placement.
Martin Pawlitschek, President and CEO of Sanu Gold, commented: “The last few weeks have been a pivotal time for the Company, as our team on the ground in Guinea, West Africa finalized targets for the upcoming drill program on our highly prospective gold targets. Today’s announcement reflects the positive investor sentiment for Sanu Gold to make significant new discoveries in this under-explored part of West Africa, the world’s top gold producing region.”
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 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 finder’s fees in connection with 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 Company will pay fees of 6% cash and finder warrants equal to 6% of the number of Units placed. Each finder warrant will be exercisable to purchase one Common Share of the Company at a price of $0.40 for a period of 36 months following the closing date of the Placement. The Placement is subject to the Company’s filing requirements with the CSE.
The Placement is expected to close on or around February 14, 2023.
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.
Martin Pawlitschek
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
VP, Corporate Development & Communications
Sanu Gold Corp.
info@sanugoldcorp.com
