Banks Island Gold Ltd. (TSXV:BOZ) announced a non-brokered private placement of up to 3,500,000 flow-through shares at CAD 0.20 per share for proceeds of up to CAD 700,000 and up to 2,000,000 common share units at CAD 0.15 per unit for proceeds of up to CAD 300,000 for gross proceeds of up to CAD 1,000,000 on December 19, 2014. Each unit consists of one common share and one-half of a non-transferable share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of CAD 0.30 per share for a period of 18 months following the closing. The company will pay certain finders, a fee equal to 8% of the gross proceeds received by the company from the sale of certain of the flow-through shares and common share units. The transaction is expected to close on or before December 31, 2014, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

On December 29, 2014, the company announced that it has received CAD 510,000 in first tranche of the transaction. The company issued 2,550,000 flow-through shares. Secutor Capital Management Corp. acted as finder for the transaction.

On January 5, 2015, the company announced that it has received CAD 369,950 in second tranche of the transaction. The company issued 1,600,000 flow-through shares and 333,000 units. The company paid certain finders, a fee equal to 8% of the gross proceeds received by the company from the sale of certain flow through shares.

On January 9, 2015, the company announced that it has amended the terms of the transaction. The company will now issue 8,666,666 units at a price of CAD 0.15 per unit for gross proceeds of CAD 1,299,999.9. The company intends to close transaction on or before February 28, 2015.