Not for dissemination in the United States or through U.S. newswires
Vancouver, B.C., October 25, 2023, Sanu Gold Corporation (CSE: SANU; OTCQB: SNGCF) (“Sanu Gold” or the “Company”) is pleased to announce the closing of the Company’s fully subscribed $3.45 million non-brokered private placement (the “Placement”) announced on September 21, 2023. The Placement consists of 69,000,000 common shares (each, a “Common Share”) at a price of $0.05 per Common Share.
Martin Pawlitschek, President and CEO of Sanu Gold commented “In a challenging market for exploration companies, Sanu Gold has been able to successfully secure funding to continue to advance our highly prospective gold projects in Guinea, West Africa. The next phase of exploration will focus on our flagship Bantabaye Gold Exploration Permit, where we made an exciting new discovery in our inaugural drill program earlier this year.”
“We are grateful to our investor base for their ongoing support and pleased to be welcoming new and highly respected institutional and high net worth investors. We had solid participation in this financing by the Sanu Gold team, who remain strongly aligned with all shareholders. We look forward to updating the market on our exploration plans for the upcoming field season in due course”, continued Mr. Pawlitschek.
The net proceeds of the Placement will be used to advance exploration on the Company’s Bantabaye Gold Exploration Permit, the Company’s other exploration permits in Guinea, West Africa and for general working capital purposes. The Placement is subject to the Company’s filing requirements with the Canadian Securities Exchange (“CSE”). All securities issued pursuant to the Placement are subject to a four-month hold period under applicable Canadian securities laws and will be subject to a resale restriction expiring four months and one day from the closing date.
In connection with the closing of the Placement, the Company paid finders’ fees of 6% cash, totaling $102,990 to the following finders: Eventus Capital Corp., Haywood Securities Inc. and German Mining Networks GmbH.
Four directors and officers of the Company (“Related Parties”) acquired an aggregate of 4,800,000 Common Shares under the Placement for a total purchase price of $240,000. This participation by Insiders of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, 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 Common Shares issued to or the consideration paid by such Related Parties 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.
About Sanu Gold
Sanu Gold is a publicly traded exploration company focused on a portfolio of highly prospective gold projects in Guinea, West Africa’s Siguiri Basin.
West Africa is the number one gold mining region in the world and Guinea’s Siguiri Basin is a prolific, yet underexplored part of this region. Despite being home to both long-lived multi-million ounce gold mines and recently commissioned gold mines, Guinea’s Siguiri Basin continues to produce important new gold discoveries.
Sanu Gold has defined multi-kilometer long gold-bearing structures on each of its three exploration permits and is targeting near-surface multi-million ounce gold discoveries. Initial drill programs on the first two permits drilled have yielded high-grade gold discoveries. The company is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting across West Africa.
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.