- Sanu Gold (CSE:SANU) will undertake an up to C$10 million non-brokered private placement, issuing up to 35,714,286 shares priced at C$0.28, including participation from Montage Gold and the Lundin Family
- The company is exploring three high-quality gold projects in the Siguiri basin, a world-class gold district hosting several operating mines and significant new discoveries in Guinea, West Africa
- Sanu Gold stock has added 210 per cent year-over-year but only 3.33 per cent since inception in 2022
Sanu Gold (CSE:SANU) will undertake an up to C$10 million non-brokered private placement, issuing up to 35,714,286 shares priced at C$0.28.
Top shareholders have committed to maintaining their pro rata equity interests, including:
- Montage Gold (TSXV:MAU), an African gold developer with over 5 million ounces in estimated resources, at a 19.9 per cent stake.
- The Lundin Family and associates, which owns Montage along with numerous other prospective miners, at a 10 per cent stake.
Sanu will allocate the proceeds to additional exploration, including drilling and geophysics, on its Daina, Diguifara and Bantabaye properties in Guinea, West Africa. The portfolio combines into a prospective 28,000-hectare land package featuring numerous high-grade discovery drillholes and six neighboring multi-million-ounce gold mines. The company may also acquire new exploration permits and top up working capital.
According to Tuesday’s news release, certain Sanu directors and/or officers may invest in the financing, and 10 per cent shareholder Anglogold Ashanti (NYSE:AU) retains the as of yet unexercised right to maintain its interest in the company.
About Sanu Gold
Sanu is exploring three high-quality gold projects in the Siguiri basin, a world-class gold district hosting several operating mines and significant new discoveries in Guinea, West Africa. The company has delineated multi-kilometre-long gold-bearing structures on each of its projects, backed by a leadership team with successful track records of discovery, resource development and mine permitting.
The African gold stock (CSE:SANU) last traded at C$0.31 per share. The stock has added 210 per cent year-over-year but only 3.33 per cent since inception in 2022.
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(Top image: Sanu Gold)