- Sanu Gold (SANU) has closed its previously announced upsized and fully subscribed $3 million non-brokered private placement
- The company issued 11,112,037 units at $0.27 per unit for total gross proceeds of $3,000,250
- The company will use the proceeds to advance exploration on its drill-ready gold exploration permits in Guinea, West Africa
- Sanu Gold is a mining, exploration, and development company
- Sanu Gold Corp. (SANU) opened trading at C$0.22 per share
Sanu Gold (SANU) has closed its previously announced upsized and fully subscribed $3 million non-brokered private placement.
The company issued 11,112,037 units at $0.27 per unit for total gross proceeds of $3,000,250. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.40 for 36 months following the closing date of the placement.
Martin Pawlitschek, President and CEO of Sanu Gold, commented on the news.
“We are very pleased with the overwhelming interest and investor support in this financing. It had strong demand in excess of the initial placement size from both institutional and retail investors. These investors understand the potential for large-scale gold discoveries in Guinea, West Africa, a highly prospective and underexplored portion of the world’s top gold producing region.”
Sanu Gold is making final preparations to commence a 25,000-metre Reverse Circulation drill program on its Daina, Bantabaye and Diguifara Gold Exploration permits in Guinea. Building on its 2022 high-grade gold discovery, where drilling intersected near-surface, oxide-hosted mineralization with grades of up to 5.48 grams of gold per tonne over 15 metres at the Daina 2 Main Zone, it will commence drilling on this and other high-priority targets on the Daina Gold Exploration permit.
Following this, the company plans to conduct drilling on its flagship Bantabaye Gold Exploration permit. This property hosts a highly attractive structural setting and several significant gold in termite mound and auger anomalies that have never been previously drill tested.
The company will use the proceeds to advance exploration on its drill-ready gold exploration permits in Guinea, West Africa. It will also use the proceeds for general working capital purposes.
All securities issued are subject to a statutory four-month hold.
In connection with the closing of the placement, the company paid finder’s fees of $74,639 in cash and issued 276,440 Finder’s Warrants.
Sanu Gold is a mining, exploration, and development company. The company is exploring three high-quality gold exploration permits in Guinea, West Africa.
Sanu Gold Corp. (SANU) opened trading at C$0.22 per share.
