BANYAN GOLD CORP. (“Banyan” or “Banyan Gold” or the “Corporation”) ., subject to TSX Venture Exchange approval, is conducting a non-brokered private placement of up to five million units at 5 cents per unit for gross proceeds of $250,000.
Each unit consists of one common share and one full non-transferable common share purchase warrant, with each full warrant exercisable into one common share of the company at an exercise price of 10 cents, exercisable for a period of thirty-six months from the date of issuance. The Warrants, which form part of the Unit, 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 $0.15 for 15 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. The financing may be closed in tranches at the discretion of the Corporation. A finders fee of up to 6% may be paid on a portion of the financing.
The funds raised will be used for general and administrative costs.
Banyan is pleased to announce it has issued stock options to buy 600,000 shares at $0.05 per share to officers and consultants of the Company. They are exercisable for a period of 5 years.
This News Release has been reviewed and approved by Paul D. Gray, B.Sc., P.Geo., Vice President Exploration for Banyan Gold, the Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan Gold is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km 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. Based on the success of previous exploration and numerous untested drill ready targets Banyan Gold management foresees potential for a significant regional exploration at Hyland.
Banyan Gold trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.banyangold.com or contact Banyan Gold.
ON BEHALF OF THE BANYAN GOLD BOARD OF DIRECTORS
(signed) "Mark Ayranto"
For more information, please contact:
Tel: (604) 648-8450
Email: [email protected]
The TSX Venture Exchange (the “Exchange) has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.