Banyan GOLD Private Placement of $800,000 and Brings ON New Strategic Partner
BANYAN GOLD PRIVATE PLACEMENT OF $800,000 AND BRINGS ON NEW STRATEGIC
PARTNER
MARCH 3, 2017 BANYAN GOLD CORP. TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or “The Company”), announces that subject to TSX Venture
Exchange approval, it has completed a non -brokered private placement for $800K in gross
proceeds by issuing a total of 9,361,316 shares. This includes $35 0,000 from our new strategic
partner, Alexco Resource Corp (“Alexco”) and $100,000 from Victoria Gold Corp (“Victoria”).
The Pr ivate Placement consists 3,406,312 flow through shares prices at $0.095 per share and
5,955,004 units (“Units”) priced at $0.08 per unit, each unit to consist of 1 common share and 1 full
Warrant, each full Warrant exercisable at $0.115 for a period of 30 months from regulatory
approval.
The warrants will be subject to an acceleration clause whereby they 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 sh ares on the TSX Venture Exchange is greater than $0.13 for 20
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.
Alexco and Victoria, pursuant to the option agreements announced February 28, 2017 will
purchase a total of 5, 625,000 Units; 4,375,000 by Alexco and 1,250,000 by Victoria for a total of
$450,000. Upon regulatory approval, Alexco will own approx. 7.7% of the Company and Victoria
will own approx. 8.8%.
No finder’s fees have been paid in connection with this financing.
Insiders have participated for 236,254 Units and 321,209 flow thru shares for a total of $49,415.
Proceeds of the financing will be used for exploration of the McQuesten, Aurex Gold and Hyland
Property Properties and for general working capital.
Technical Information
The technical information in this news release has been reviewed and approved Paul D. Gray,
P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold
Project (“Hyland”), is approximately 70km NE of Watson Lake, Yukon, along the southeast end of
the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq")
cutoff, hosts a NI 43 -101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces
gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468
ounces gold equivalent.
Banyan trades on the TSX -Venture Exchange under the symbol “BYN”. For more information ,
please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: [email protected] Email: [email protected]
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this
release. No stock exchange, securities commission or other regulatory authority has approved or disappro ved the information
contained herein. This news release contains forward -looking information, which is not comprised of historical facts. 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, Banyan’s objectives, goals or future plans, statements regarding exploration
expectations, exploration or development plans and the timing of negotiating the definitive agreements. Factors that could ca use
actual results to differ materially from such forward -looking information include, but are not limited to, uncertainties inherent to
preparing a resource estimate within expected timeline, 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 comm odity 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 a ny
jurisdiction, and those risks set out in Banyan’s public documents f iled 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 th is 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, fut ure events or otherwise, other than as required by law. Paul D.Gray of
Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43 -101 of the
Canadian Securities Administrators, and has verified and supervised the preparation of all of the scientific and technical information
contained in this news release.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve
risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”,
“will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.