Banyan Gold Announces Closing of $1.2 Million Financing
Calgary, Alberta (FSCwire) - BANYAN GOLD CORP. (“Banyan” or “Banyan Gold” or the “Corporation”) , subject to TSX Venture Exchange approval, is pleased to announce it has filed for approval of its’ recently announced $1.2M non-brokered private placement (refer to the news releases of August 9th financing of up to $850k & August 11th financing increased to $1.2M).
The filing will consist of 8,157,349 Flow-Through Shares at a price of $0.075 per Flow Through-Share for gross proceeds of $611,801.18. A further 9,049,211 hard units (“Units”) at $0.065 per Unit for gross proceeds of $588,198.72 will be issued. Each Unit consist of one common share and ½ of a common share purchase warrant, each full warrant being exercisable for a period of 24 months from closing into one common share at a price of $0.085.
Insiders participated in the financing for $140,280 or 11.7%. Finders fees of $14,101.56 will be payable on the financing.
Funds raised from the financing will be applied to the evaluation of acquisitions, general and administrative costs and exploration on Banyan’s flagship Hyland Project.
“We are pleased with the strong market response to fill our financing in time for Banyan to execute the 2016 field program at the Hyland Project”, said Tara Christie, President and CEO, and further “the response to the financing demonstrates the strength of our team and quality of our project.”
About Banyan Gold
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: tchristie@banyangold.com Email: drutt@banyangold.com
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals or future plans, statements regarding exploration results, exploration or development plans and the timing of any additional resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Paul D.Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43-101 of the Canadian Securities Administrators, has verified and supervised the preparation of all of the scientific and technical information contained in this news release.
Richmond Graham
President and Chief Executive Officer
(604) 648-8450
rgraham@banyangold.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/BanyanGoldAug222016.pdf
Source: Banyan Gold Corp. (TSX Venture:BYN)
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