Barisan Gold Corporation announces that certain directors and officers have entered into financial commitments that will result in a strengthening of the company's balance sheet while it continues to focus activities on securing financial partners to advance its world-class Upper Tengkereng gold-copper porphyry.
Barisan Gold will complete a non-brokered private placement of at least 4 million units at a price of Can$0.06 per unit. Certain directors and officers have committed to purchase units totalling at least $230,000 of the offering. The net proceeds from the placement will be used by Barisan Gold for working capital purposes.
Barisan Gold also has received TSX Venture Exchange approval to cancel and re-issue 1,962,500 employee share options.
Barisan is a Canadian-based minerals exploration company listed on the TSX Venture Exchange. The company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. It currently owns and operates two gold and gold-copper properties in Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt and the Abong epithermal gold project.