Barisan Gold seeks to raise funds for Aceh?s gold projects

By Romel S. Gurky

TSX-listed Barisan Gold Corporation plans a non-brokered private placement to raise funds amounting C$3 million for among others its gold mining project in Aceh.

The firm announced on Wednesday it ofered up to 20,000,000 units at a price of $0.15 per unit at the TSX Venture Exchange.

?Net proceeds from the placement will be used by Barisan Gold for exploration and development at its Indonesian properties and for general corporate purposes,? the firm said.

Assuming the entire offering is fully-subscribed, the company intends to allocate the net proceeds as follows: up to $2,750,000 to undertake further exploration at the Upper Tengkereng gold-copper porphyry discovery in Aceh, and up to the balance of the net proceeds to undertake further exploration at the company's other projects, including its Abong gold deposit, also in Aceh, and provide general working capital.

The offering shall include two parts, a private placement to existing shareholders of Barisan Gold and a non-brokered private placement to all other eligible investors in accordance with applicable TSX Venture Exchange rules and securities laws, the firm said.

Editing by Johannes Simbolon