Calgary, Alberta (FSCwire) - BANYAN GOLD CORP. (“Banyan” or “The Company”), announces that subject to TSX Venture Exchange approval, it has completed a Second Tranche non-brokered private placement for $204,000 in gross proceeds by issuing a total of 1,360,000 shares at $0.15 per share. This second tranche supplements a first tranche (see news release of June 22, 2017) of $600,000, bringing the total funds raised to $804,000.
The Two Tranches of the Private Placement consists of 5,360,000 flow through shares (within the meaning of the Income Tax Act (Canada)), priced at $0.15 per share. Net proceeds will be used on the Company’s ongoing summer exploration program at the Aurex-McQuesten and Hyland Gold Projects.
The shares issued will be subject to the customary four month hold period.
A cash commission of $28,860 was paid on part of the funds raised during the first tranche.
Insiders participated for $65,000 or 433,333 shares in the first tranche.
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan is well financed growth stage gold exploration company whose flagship property, the Hyland Gold Project, is approximately 70km 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 cutoff, hosts a NI 43-101 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.
The newly acquired 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle project and Alexco Resource's Keno Hill Silver District, is highly perspective for structurally controlled, intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.
