Business
Banyan Gold Announces Closing of Upsized $12.2 M Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / December 22, 2022 / Banyan Gold Corp . (the " Company " or " Banyan ...
About this update from Banyan Gold Corp.
[{"type":"text","content":"Banyan Gold Announces Closing of Upsized $12.2 M Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / December 22, 2022 / Banyan Gold Corp. (the \"Company\" or \"Banyan\") (TSX-V:BYN)(OTCQB:BYAGF) is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\") financing of $12.2 million (\"M\") in gross proceeds, subject to final TSX-V approval.\"We are grateful for the support of our new strategic investor and two existing shareholders who participated in this financing, setting up Banyan with a strong treasury\", stated Tara Christie, President and CEO. \"Banyan is well positioned to significantly add ounces and advance AurMac in 2023.\"The Private Placement consisted of 12,978,520 premium flow-though shares (\"Premium FT Shares\") at a price of $0.568 per Premium FT Share and 12,021,480 common shares (which were not flow-through shares) (\"Hard Shares\") at a price of $0.40 per Hard Share (together the \"Offering\") for gross proceeds of $12,180,391.The Company intends to use the net proceeds from the Private Placement to advance its mineral exploration and development projects and for general corporate purposes. The 2023 Exploration Programs at the AurMac Property are intended to include in excess of 25,000 metres (\"m\") of diamond drilling, an update to the Resource model, metallurgical test work, and environmental baseline data collection.Each Premium FT Share was 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.Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), an aggregate of 8,978,520 Premium FT Shares and 12,021,480 Hard Shares were purchased by residents in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption u...