'We are pleased with the strong interest and support Banyan continues to receive in the Market and with this fully subscribed financing we will be well positioned to execute on our business plan in 2023', stated
Each Premium FT Share will be issued as a flow-through share within the meaning of the Income Tax Act (
The Company intends to use the net proceeds of the Offering for advancing its AurMac Property and other Yukon gold projects held by the Company, and for working capital and general corporate purposes.
The closing of the Offering is anticipated to occur on or about
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ('NI 45-106'), an aggregate of up to 8,978,520 Premium FT Shares and up to 12,021,480
The remaining 4,000,000 Premium FT Shares will be issued to accredited investors under Section 2.3 of NI 45-106, and will be subject to the customary 4 month hold period.
There is an offering document related to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at www.banyangold.com. Prospective investors should read this offering document before making an investment decision.
The Hard Shares will be eligible for sale in
The securities described herein have not been, and will not be, registered under the 1933 Act or any state securities laws, and accordingly, may not be offered or sold within
About Banyan
Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria
The 173 sq km AurMac Property lies 30 kilometres from Victoria
The Updated Mineral Resource Estimate for the AurMac Property was prepared
Contact:
T: 778 928 0556
E: tchristie@banyangold.com
Jasmine Sangria
T: 604 312 5610
E: jsangria@banyangold.com
CAUTIONARY STATEMENT
Neither the
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
FORWARD LOOKING INFORMATION
This news release contains forward-looking information, which is not comprised of historical facts is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intend(s)', 'believe', 'potential' and 'continue' or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's plans for exploration; and statements regarding exploration expectations, exploration or development plans and timelines; and mineral resource estimates; anticipated costs; completion of the Offering, the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the offering; and completion of the offering and the date of such completion. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, completion of the Offering, receipt of regulatory approvals, uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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