Banyan Gold Corp. (TSXV: BYN) is proposing to complete a fully subscribed non-brokered private placement of up to $16 million in gross proceeds.
The proposed Private Placement would consist of 30,357,144 Charity Flow Through Shares priced at $0.38 per share for gross proceeds of $11,535,715; 6,326,530 Flow Through Shares priced at $0.35 per share for gross proceeds of $2,214,286; and 8,035,715 Shares priced at $0.28 for gross proceeds of $2,250,000.
The company intends to use the net proceeds from the Private Placement to advance its mineral exploration and development projects and for general corporate purposes. The 2021-22 Exploration Programmes at AurMac are intended to include additional diamond drilling, geotechnical drilling, metallurgical test work, resource update, environmental baseline data collection and the commencement of a Preliminary Economic Assessment (PEA) Study.
The company intends to close the Private Placement within approximately 30 days, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Banyan’s primary asset AurMac is adjacent to Victoria Gold’s Eagle Gold Mine, in Canada’s Yukon Territory, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 oz Au was announced in May 2020.
For further information please visit: https://www.banyangold.com/
