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Banyan Gold announces $16 million financing

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(Kitco News) - Banyan Gold (TSX-V: BYN) said Monday it is proposing to complete a fully subscribed non-brokered private placement of up to $16,000,000 in gross proceeds.

The placement would consist of 30,357,144 charity flow-through shares priced at $0.38 per share for gross proceeds of $11,535,715; 6,326,530 Flow Through Shares priced at $0.35 per share for gross proceeds of $2,214,286; and 8,035,715 shares priced at $0.28 for gross proceeds of $2,250,000.

Funds will be used for mineral exploration. 

Banyan adjoins producer Victoria Gold in the Yukon. 

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