BANYAN GOLD CORP. ("Banyan"), is pleased to announced it has closed its previously announced non- brokered private placement (see press release dated December 31, 2015 ) subject to TSX approval. Banyan has raised a total of $200,000 by issuing 4,000,000 units at $0.05 per unit.
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 7 cents, for a period of 36 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 $0.10 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. Funds will be used for general working capital.
Directors and Officers of Banyan participated by acquiring 1,300,000 units or $65,000 and post close will hold approximately 32.9% of the shares outstanding.
All securities issued under the private placement are subject to a hold period expiring four months from the date of issuance. The Company did not pay a finder’s fee in connection with the financing.
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km NE of Watson Lake, Yukon. 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 management foresees potential for a significant regional exploration.
Paul D. Gray, P.Geo. is Banyan's Qualified Person with respect to Hyland and has reviewed and approved this press release.
ON BEHALF OF THE BOARD OF BANYAN
(signed) "Mark Ayranto"
For more information, please contact:
Tel: (604) 648-8450
Email: [email protected]
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and 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 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.