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Enter Symbol
or Name
USA
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Banyan Gold Corp
Symbol BYN
Shares Issued 83,747,252
Close 2018-07-18 C$ 0.06
Market Cap C$ 5,024,835
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Banyan Gold arranges $931,309 private placement

2018-07-20 06:15 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD CORP ARRANGES $931,309 PRIVATE PLACEMENT

Banyan Gold Corp. has arranged a non-brokered private placement of $931,309 consisting of 10,083,663 units.

The private placement, which encompasses the previous announcement on July 12, 2018, consists of 7,001,370 flow-through units (within the meaning of the Income Tax Act (Canada)), priced at 10 cents per unit and 3,082,293 non-flow-through units priced at 7.5 cents per unit. Both the flow-through and non-flow-through units consist of one share and one-half of a non-flow-through share purchase warrant, each full warrant being exercisable for a period of 24 months from closing into one common share at a price of 15 cents per share subject to an acceleration clause.

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 30 cents for 20 consecutive trading days, at which time the corporation may give notice in writing to the warrant holders within 10 days of such an occurrence that the warrants shall expire on the 30th day following the giving of such notice.

Insiders are participating for $112,000 or 12 per cent.

Net proceeds will be used on the company's continuing summer exploration program at the Hyland gold and Aurex-McQuesten projects and for general working capital.

The shares issued will be subject to the customary four-month-and-one-day hold period. No commissions will be paid for the offering. The shares are offered for sale on a private placement basis pursuant to applicable exemptions from the prospectus and registration requirements.

Part of the offering will constitute a related-party transaction within the meaning of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company will rely on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5 (a) and 5.7 (1)(a).

Technical information

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

About Banyan Gold Corp.

Banyan is a growth-stage gold exploration company whose flagship property, the Hyland gold project, is approximately 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt.

The Hyland main zone indicated gold resource estimate, prepared in accordance with NI 43-101, at a 0.3-gram-per-tonne-gold-equivalent cut-off, contains 8.6 million tonnes grading 0.85 g/t gold equivalent for 236,000 AuEq ounces with an inferred mineral resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.

   
Cut-off grade       In situ            Au                  Ag                AuEq              
(g/t AuEq)           tonnes     Grade     Ounces    Grade      Ounces   Grade     Ounces   
                                 (g/t)               (g/t)               (g/t)
Indicated            
0.3               8,637,000      0.78    216,000     7.04   1,954,000    0.85    236,000
Inferred             
0.3              10,784,000      0.77    266,000     5.32   1,845,000    0.83    288,000

Notes
(1) Mineral resources, which are not mineral reserves, do not have demonstrated 
economic viability. All figures are rounded to reflect the relative 
accuracy of the estimate. 
(2) Mineral resources are reported at a cut-off grade of 0.3 gram per tonne 
gold equivalent. Gold equivalent grade is based on $1,350 per ounce gold and  
$17 per ounce silver and assumes a 100-per-cent recovery. The gold equivalent 
calculation does not apply any adjustment factors for difference in 
metallurgical recoveries of gold and silver. This information can only be 
derived from definitive metallurgical testing, which has yet to be completed.
   

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