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Banyan Gold Arranges $250,000 Private Placement

Banyan Gold Corp. (TSXV:BYN) announced it will conduct a non-brokered private placement of up to five million units at five cents per unit for gross proceeds of $250,000.

As quoted in the press release:

Each unit consists of one common share and one full non-transferable common share purchase warrant, with each full warrant exercisable into one common share of the company at an exercise price of 10 cents, exercisable for a period of 36 months from the date of issuance. The warrants, which form part of the unit, may have their expiry time accelerated at any time prior to the expiry of the warrants if the volume-weighted average trading price of the corporation’s shares on the TSX Venture Exchange is greater than 15 cents for 15 consecutive trading days, at which time the corporation may give notice in writing to the warrant holders within 10 days of such an occurrence that the warrants shall expire on the 30th day following the giving of such notice. The financing may be closed in tranches at the discretion of the corporation. A finders fee of up to 6 per cent may be paid on a portion of the financing. The proceeds raised will be used for general and administrative costs.

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