Banks Island Gold Announces $4 Million Non-Brokered Financing

Banks Island Gold Ltd. (TSXV:BOZ) announces a non-brokered private placement offering to sell up to 4,000,000 flow-through share units at a price of $0.50 per flow-through unit and 4,444,444 common share units at a price of $0.45 per common share unit to raise gross proceeds of $4,000,000. Banks Island plans to use net proceeds from the offering for continued exploration and development activities on its Yellow Giant Gold Property on Banks Island in British Columbia.

As quoted in the press release:

Each Flow-Through Unit consists of one flow-through common share (“a Flow-Through Share”) and one-half of one non-transferrable share purchase warrant (“a Warrant”). Each whole warrant entitles the holder thereof to acquire one non flow-through common share (“a Common Share”) in the capital of the Company at a price of $0.60 per Common Share for a period of twenty-four (24) months following the closing of the financing. Warrants will NOT be listed for trading. The gross proceeds from the issue of the flow through shares (as defined in the Income Tax Act (Canada)) (the “Tax Act”) included in the Flow-Through Units will be used on qualifying “flow-through mining expenditure” (as defined in the Tax Act) related to the Company’s exploration projects. The Company intends to renounce Canadian Exploration Expenses (as defined in the Tax Act) with an effective date of no later than December 31, 2014.

Click here to read the Banks Island Gold (TSXV:BOZ) press release
See this press release on Marketwire

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