18:46:48 EDT Thu 28 Mar 2024
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Banyan Gold Corp
Symbol BYN
Shares Issued 46,890,560
Close 2017-03-03 C$ 0.11
Market Cap C$ 5,157,962
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Banyan Gold completes $800,000 private placement

2017-03-03 10:22 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD PRIVATE PLACEMENT OF $800,000 AND BRINGS ON NEW STRATEGIC PARTNER

Banyan Gold Corp., subject to TSX Venture Exchange approval, has completed a non-brokered private placement for $800,000 in gross proceeds by issuing a total of 9,361,316 shares. This includes $350,000 from its new strategic partner, Alexco Resource Corp., and $100,000 from Victoria Gold Corp.

The private placement consists of 3,406,312 flow-through shares priced at 9.5 cents per share and 5,955,004 units priced at eight cents per unit, each unit comprising one common share and one full warrant, with each full warrant exercisable at 11.5 cents for a period of 30 months from regulatory approval.

The warrants will be subject to an acceleration clause whereby they 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-V is greater than 13 cents for 20 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.

Alexco and Victoria, pursuant to the option agreements announced on Feb. 28, 2017, will purchase a total of 5,625,000 units (4,375,000 units by Alexco and 1.25 million units by Victoria for a total of $450,000). Upon regulatory approval, Alexco will own approximately 7.7 per cent of the company and Victoria will own approximately 8.8 per cent.

No finders' fees have been paid in connection with this financing.

Insiders have participated for 236,254 units and 321,209 flow-through shares for a total of $49,415.

Proceeds of the financing will be used for exploration of the McQuesten, Aurex Gold and Hyland properties and for general working capital.

Technical information

The technical information in this news release has been reviewed and approved Paul D. Gray, PGeo, a qualified person as defined by National Instrument 43-101.

About Banyan Gold Corp.

Banyan's flagship property is the Hyland gold project, approximately 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt. The Main zone, at a gold-equivalent cut-off of 0.6 gram per tonne, has a National Instrument 43-101-compliant inferred resource of 12,503,994 tonnes containing 361,692 ounces of gold at 0.9 gram per tonne and 2,248,948 ounces of silver at 5.59 grams per tonne, for combined gold and silver of 396,468 ounces in gold equivalent.

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