- Banyan Gold (BYN) has announced a private placement of up to $11,498,791
- The proceeds will support the advancement of the AurMac Property and other Yukon gold projects, as well as working capital and general corporate purposes
- The company expects the offering to close on or about December 22, 2022
- Banyan Gold is a mineral exploration company advancing gold properties in Yukon
- Banyan Gold (BYN) opened with a loss of 1.18 per cent, trading at $0.42 per share
Banyan Gold (BYN) has announced a private placement of up to $11,498,791.
It intends to issue up to 11,778,520 premium flow-through (FT) shares priced at $0.568 and up to 12,021,480 common shares (which shall not be flow-through shares) priced at $0.40.
Each premium FT share will be issued as such as defined in the Income Tax Act (Canada).
Proceeds from premium FT shares will go toward Canadian exploration expenses and flow-through mining expenditures as defined in the Income Tax Act. Such proceeds will be renounced to subscribers with an effective date no later than December 31, 2022, in the aggregate amount of not less than gross proceeds raised from premium FT shares.
The expenses and expenditures will focus on advancing the AurMac Property and other Yukon gold projects.
A portion of the proceeds will also support working capital and general corporate purposes.
Up to 8,978,520 premium FT shares and up to 12,021,480 common shares will be available for sale to Canadian residents and will not be subject to a statutory hold period.
The remaining 2,800,000 premium FT shares will be issued to accredited investors and will be subject to the customary four-month hold period.
The common shares will also be eligible for sale in the U.S. to qualified institutional buyers.
The company expects the offering to close on or about December 22, 2022.
Banyan Gold is a mineral exploration company advancing gold properties in Yukon. Its primary asset, The AurMac Gold Property, houses an inferred mineral resource of 3,990,000 ounces gold.
Banyan Gold (BYN) opened with a loss of 1.18 per cent, trading at $0.42 per share.