Business
Banyan Announces up to a $11.5 m Non-Brokered Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERI...
About this update from Banyan Gold Corp.
[{"type":"text","content":"Banyan Announces up to a $11.5 m Non-Brokered Private Placement FinancingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICAVANCOUVER, BC / ACCESSWIRE / December 7, 2022 / Banyan Gold Corp. (the \"Company\" or \"Banyan\") (TSXV:BYN)(OTCQB:BYAGF) is pleased to announce that it proposes to raise aggregate gross proceeds of up to $11,498,791 through the issuance of up to 11,778,520 premium flow though shares (\"Premium FT Shares\") at a price of $0.568 per Premium FT Share and up to 12,021,480 common shares (which shall not be flow-through shares) (\"Hard Shares\") at a price of $0.40 per Hard Share (together the \"Offering\").Each Premium FT Share will be issued as a flow-through share within the meaning of the Income Tax Act (Canada). Proceeds from the sale of the Premium FT Shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act and flow-through mining expenditures as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the Premium FT Shares.The Company intends to use the net proceeds of the Offering for advancing its AurMac Property and other Yukon gold projects held by the Company, and for working capital and general corporate purposes.The closing of the Offering is anticipated to occur on or about December 22, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), an aggregate of up to 8,978,520 Premium FT Shares and up to 12,021,480 Hard Shares will be offered for sale to purchasers' resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 and accordingly, such securities will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.The remaining 2,800,000 Premium FT Shares will be issued to accredited investors under Section 2.3 of NI 45-106, and will...