Barisan Gold strengthens balance sheet

By Romel S. gurky

TSX-listed Barisan Gold Corporation announced Friday that certain directors and officers have entered into financial commitments that will result in a strengthening of Barisan Gold's balance sheet while the company continues to focus its activities on securing financial partners to advance its world-class Upper Tengkereng gold-copper porphyry discovery in Aceh.

Subject to TSX Venture Exchange approval, Barisan Gold said in a statement it will complete a non-brokered private placement of at least 4,000,000 units at a price of $0.06 per unit. Certain directors and officers have committed to purchase units totaling at least US$230,000 of the offering. Each unit will consist of one common share and one non-transferable common share purchase warrant. Each common share purchase warrant will be exercisable for one common share at a price of $0.075 per common share for a period of two years from the date of issue. The net proceeds from the placement will be used by Barisan Gold for working capital purposes.

Barisan Gold also announced that it has received TSX Venture Exchange approval to cancel and re-issue 1,962,500 employee share options. The re-issued options have an exercise term of 5 years and an exercise price equal to $0.075.

Barisan Gold is a Canadian-based minerals exploration company listed on the TSX Venture Exchang. The company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. Barisan Gold currently owns and operates two gold and gold-copper properties in Indonesia's Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt and the Abong epithermal gold project.

Editing by Reiner Simanjuntak