Banyan Gold Raises $16.5 Million To Fund AurMac Development
Banyan Gold (TSXV: BYN) is returning to the market in search of capital for the funding of its 2022 exploration program. The company this morning indicated it it looking to raise proceeds of up to $16.5 million via a financing that is said to already be fully subscribed.
The financing will see a combination of common shares, flow through shares, and charity flow through shares sold as a means of raising the required capital. The breakdown is to consist of the following:
- 7,887,744 shares are to be sold at $0.45 each
- 4,974,000 flow through shares are to be sold at $0.55 each
- 16,210,500 charity flow through shares are to be sold at $0.63 each
No warrants are included under the offering.
Proceeds from the financing will see funds used for the planned 60,000 metre drill program planned for the 2022-23 exploration program at the firms flagship AurMac property in the Yukon. Development is to include diamond drilling, geotechnical drilling, metallurgical work, and environment data collection as the firm works towards compiling a PEA for the property. Funds are also to be used for general corporate purposes.
The financing is currently slated to close within the next thirty days, with the financing already being fully subscribed.
The company has reportedly conducted 20,000 metres of drilling thus far in 2022, with drilling occurring across a total of 90 holes.
Banyan Gold last traded at $0.55 on the TSX Venture.
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