Mr. Mark Ayranto reports
BANYAN ANNOUNCES $1,000,000 NON-BROKERED PRIVATE PLACEMENT
Subject to TSX Venture Exchange approval, Banyan Gold Corp. is conducting a non-brokered private placement of up to 20 million units at five cents per unit for gross proceeds of $1-million.
Each unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable into one common share of the company at an exercise price of 7.5 cents, exercisable for a period of 24 months from the date of issuance. The warrants, which form part of the units, may have their expiry time accelerated at any time prior to the expiry of the warrants if the volume-weighted average trading price of the corporation's shares on the TSX Venture Exchange is greater than 12 cents for 15 consecutive trading days, at which time the corporation may give notice in writing to the warrantholders within 10 days of such an occurrence that the warrants shall expire on the 30th day following the giving of such notice. The financing may be closed in tranches at the discretion of the corporation. A finder's fee of up to 6 per cent may be paid on a portion of the financing.
The funds raised will be used for Banyan's Hyland gold project and for general and administrative costs.
We seek Safe Harbor.
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