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Banyan Gold Corp. Closes $500,000 Non-Brokered Private Placement
CALGARY, AB / ACCESSWIRE / March 8, 2019 / BANYAN GOLD CORP. ("Banyan" or "The Company"), ...
About this update from Banyan Gold Corp.
[{"type":"text","content":"Banyan Gold Corp. Closes $500,000 Non-Brokered Private PlacementCALGARY, AB / ACCESSWIRE / March 8, 2019 / BANYAN GOLD CORP. (\"Banyan\" or \"The Company\"), announces that it has closed a non-brokered private placement of $500,000 (the \"Private Placement\").The Private Placement, which encompasses the previous announcement on February 20, 2019, consists of the issuance of 2,270,000 Flow Through common shares (\"FTS\") (within the meaning of the Income Tax Act (Canada)) at a subscription price of $0.05 per FTS and 7,730,000 units (\"Units\") at a subscription price of $0.05 per Unit for aggregate gross proceeds to the Company of $500,000. Each Unit is comprised of one common share (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.075 for a period of 24 months following the date of issue.The Company intends to use the net proceeds from the Private Placement for advancing the Company's mineral exploration and development projects, and for general corporate purposes.In connection with the closing of the Private Placement, the Company will pay a cash finder's fee in the amount of $9,375. Certain insiders of the Company participated in the first tranche of the Private Placement for $69,000 in Units. Such participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.Under applicable Canadian securities laws, all securities issued pursuant to the first tranche of the Private Placement are subject to, among other things, a statutory hold period of four months and one day. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the \"TSX-V\").Technical InformationThe 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 GoldBanyan Gold is focused on gold exploration projects that have the ge...