Banyan Announces Closing of Second Tranche of Private Placement

Rhea-AI Summary

Banyan Gold announced the closing of the second tranche of its private placement, raising $299,970 through the issuance of 1,111,000 common shares at $0.27 per share.

The total funds raised from both tranches amount to $14,301,270. The proceeds will be used for general and administrative expenses.

The shares are subject to a hold period under Canadian securities laws expiring on October 22, 2024.

This financing is in compliance with Canadian private placement exemptions and is not available for U.S. investors.

Positive

• Banyan Gold successfully raised a total of $14,301,270 through its private placement initiative.
• The funds will support the company's general and administrative expenses, potentially enhancing operational efficiency.

Negative

• The issued shares are subject to a hold period until October 22, 2024, potentially limiting immediate liquidity for investors.

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / June 21, 2024 / Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) (the "Company") further to its press release dated June 20, 2024 announcing the closing of the first tranche of its previously announced financing in which the Company raised an aggregate of $14,001,300.00, the Company is pleased to announce it has closed a second and final tranche of the financing, pursuant to which it has issued an additional 1,111,000 common shares (the "HD Shares") at a price of $0.27 per HD Share for gross proceeds of $299,970. In total, the Company raised an aggregate of $14,301,270 pursuant to both tranches of the financing. The HD Shares were issued pursuant to other applicable private placement exemptions and are subject to a hold period under Canadian securities laws expiring October 22, 2024. The net proceeds raised pursuant to the issuance of the HD Shares will be used for general and administrative expenses.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. "United States" and "U.S. person" have the meaning ascribed to them in Regulation S under the 1933 Act.

For further information, please contact:

Tara Christie • 778 928 0556 • tchristie@banyangold.com
Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This news release includes certain forward-looking statements concerning the future performance of the Company's business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company's recent securities filings available at under the Company's profile on SEDAR+ at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

SOURCE: Banyan Gold Corp.

View the original press release on accesswire.com

FAQ

What is the total amount raised by Banyan Gold in its recent private placement?

Banyan Gold raised a total of $14,301,270 through its recent private placement.

How much did Banyan Gold raise in the second tranche of its private placement?

Banyan Gold raised $299,970 in the second tranche of its private placement.

What is the price per share for Banyan Gold's recent private placement?

The price per share for Banyan Gold's recent private placement was $0.27.

What will Banyan Gold use the proceeds from the private placement for?

Banyan Gold will use the proceeds from the private placement for general and administrative expenses.

Are the shares issued in Banyan Gold's private placement subject to any hold period?

Yes, the shares are subject to a hold period under Canadian securities laws expiring on October 22, 2024.

Can U.S. investors participate in Banyan Gold's recent private placement?

No, the private placement is not available for U.S. investors due to regulatory restrictions.