Banyan closes financing in time for 2016 exploration at Hyland
Last updated 8/28/2016 at Noon
Banyan Gold Corp. Aug. 22 said it has filed for approval of its recently announced C$1.2 million non-brokered private placement.
The filing, subject to TSX Venture Exchange approval, will consist of 8,157,349 flow-through shares at C7.5 cents each for gross proceeds of C$611,801.18; and 9,049,211 regular units at C6.5 cents each for an additional C$588,198.72.
Each unit consists of one common share and half of a purchase warrant, with each full warrant being exercisable for a period of 24 months from closing into one common share at a price of C8.5 cents.
Proceeds from the financing will be applied to the evaluation of acquisitions, general and administrative costs and exploration on Banyan's Hyland gold project in eastern Yukon Territory.
"We are pleased with the strong market response to fill our financing in time for Banyan to execute the 2016 field program at the Hyland project," said Banyan Gold President and CEO Tara Christie.