Ms. Tara Christie reports
BANYAN GOLD CLOSES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT OF $800,000
Banyan Gold Corp., subject to final TSX Venture Exchange approval, has closed its previously announced (March 3, 2017) non-brokered private placement for $800,000 in gross proceeds.
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 to consist of 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.
With the additions of new directors announced this morning, insiders have participated for 236,254 units and 1,005,419 flow-through shares for a total of $114,415.
All securities issued in connection with the offering will be subject to a hold period of four months and one day from the date of issuance.
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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