Banyan Gold Announces Increase To Its Non-Brokered Private Placement & Closes Shares For Debt

Banyan Gold Corp. (TSXV:BYN), subject to TSX Venture Exchange approval, is increasing its’ previously announced (August 9, 2016) non-brokered private placement to $1,200,000 in gross proceeds due to strong demand.
The financing will consist of flow-through shares priced at $0.075 per share and non flow-through units (“Units”) priced at $0.065 per Unit. Each Unit will consist of one common share and ½ of a share purchase warrant (“Warrant”). Each Warrant is exercisable into one common share at a price of $0.085 for a period of 24 months from closing. Depending on the final mix of flow-through shares and Units, a maximum of 15,384,615 shares will be issued. It is expected that the Board of Directors and Management will participate in the financing.
The financing may be closed in tranches at the discretion of the Corporation with final closing by September 2, 2016 at the latest. A finders fee of up to 6% may be paid on a portion of 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.
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