Banyan Gold Corp. announced a non-brokered private placement of 30,357,144 charity flow through shares priced at CAD 0.38 per share for gross proceeds of CAD 11,535,715; 6,326,530 flow through shares priced at CAD 0.35 per share for gross proceeds of CAD 2,214,286; and 8,035,715 Shares priced at CAD 0.28 for gross proceeds of CAD 2,250,000; for the aggregate gross proceeds of CAD 16,000,001 on July 19, 2021. Certain insiders of the company are expected to participate in the transaction.

The company intends to close the private placement within approximately 30 days, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to, among other things, a hold period of four months and one day in accordance with applicable securities laws. The company will pay a maximum 6% finder's fee in cash on a portion of the funds to be raised, subject to all necessary regulatory approvals.