Barisan Gold: Closes $500,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 5, 2015) - Barisan Gold Corp. (TSX VENTURE:BG) has closed the non-brokered private placement previously announced on September 30, 2015 and October 1, 2015 through the issuance of 25,000,000 units at a price of $0.02 per unit for gross proceeds of $500,000. Each unit consist of one common share and one non-transferable common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one further common share of the Company within two years at the price of $0.05 per share.
The proceeds of the financing will primarily be used to maintain or preserve the Issuer's existing operations, activities and assets in regard of the Upper Tengkereng project in Indonesia: $350,000 for exploration work; $100,000 for employees and $50,000 towards administration.
Due to overwhelming interest in the private placement the entire allotment was subscribed to by new and existing shareholders.
This successful completion of the private placement is an important step in the proposed transaction Barisan Gold entered into under a preliminary agreement with a prominent Indonesian group, to jointly advance Barisan's Indonesian properties previously announced September 30, 2015.
All of the securities issued under the private placement are subject to a four-month hold period expiring March 4th, 2016.
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.