BANYAN CLOSES $530,000 NON-BROKERED PRIVATE PLACEMENT
December 21, 2017 TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or “The Company”), announces that subject to TSX Venture Exchange (“TSX”) final approval, it has completed a non-brokered private placement for $530,000 in gross proceeds by issuing a total of 5,300,000 shares.
The private placement consists of 5,300,000 flow-through shares (within the meaning of the Income Tax Act (Canada)) priced at $0.10 per share. Net proceeds will be used on the Company’s Hyland Gold and Aurex – McQuesten Projects.
The shares issued will be subject to the customary four month plus one day hold period from the date of TSX approval.
A commission of $18,000 will be paid on part of the funds raised.
Directors and Officers have participated for $120,000 consisting of 1,200,000 shares in this financing.
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 a growth stage gold exploration company whose flagship property, the Hyland Gold Project, is located approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt.
The Hyland Main Zone Inferred Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.6g/t gold equivalent cutoff, contains 12,503,994 tonnes with 361,692 ounces gold at 0.9g/t and 2,248,948 ounces silver at 5.59g/t for a combined gold and silver 396,468 ounces gold equivalent at 0.99g/t.
The 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.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) “Tara Christie”
President & CEO
For more information, please contact:
Tel: (888) 629-0444
Tel: (888) 629-0444