Non-brokered deal to sell unit at C$0.065, shares at C$0.075 apiece
By Devika Patel
Knoxville, Tenn., Aug. 11 – Banyan Gold Corp. said it increased a non-brokered private placement of units and stock to C$1.2 million from C$850,000. The deal priced on Tuesday.
The company will now sell units of one common share and one half-share warrant at C$0.065 per unit and flow-through common shares at C$0.075 per share. A maximum of 13,076,923 shares will be issued.
Each whole warrant is exercisable at C$0.085 for two years. The strike price is a 6.25% premium to the Aug. 3 closing share price of C$0.08. The price per flow-through share is a 6.25% discount to that price.
Settlement of the final tranche is expected Sept. 2.
Proceeds will be used for acquisitions, general and administrative costs and exploration on Banyan’s flagship Hyland Project.
The precious metals explorer is based in Calgary, Alta.
| Issuer: | Banyan Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$1.2 million
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 9
|
| Upsized: | Aug. 11
|
| Settlement date: | Sept. 2
|
| Stock symbol: | TSX Venture: BYN
|
| Stock price: | C$0.08 at close Aug. 8
|
| Market capitalization: | C$2.55 million
|
|
|
| Units
|
| Price: | C$0.065
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.085
|
|
|
| Flow-through stock
|
| Price: | C$0.075
|
| Warrants: | No
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
