Banyan Gold Announces Closing of $1.2 Million Financing

Calgary, Alberta (FSCwire) – Banyan Gold Corp. (TSXV:BYN), subject to TSX Venture Exchange approval, is pleased to announce it has filed for approval of its’ recently announced $1.2M non-brokered private placement (refer to the news releases of August 9^th financing of up to $850k & August 11^th  financing increased to $1.2M).
The filing will consist of 8,157,349 Flow-Through Shares at a price of $0.075 per Flow Through-Share for gross proceeds of $611,801.18.  A further 9,049,211 hard units (“Units”) at $0.065 per Unit for gross proceeds of $588,198.72 will be issued.  Each Unit consist of one common share and ½ of a common share purchase warrant, each full warrant being exercisable for a period of 24 months from closing into one common share at a price of $0.085.
Insiders participated in the financing for $140,280 or 11.7%.  Finders fees of $14,101.56 will be payable on the financing.
Funds raised from the financing will be applied to the evaluation of acquisitions, general and administrative costs and exploration on Banyan’s flagship Hyland Project.
“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 Tara Christie, President and CEO, and further “the response to the financing demonstrates the strength of our team and quality of our project.”
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