Banyan Gold Corp. announced that it has received CAD 16.000001 million in funding from Franklin Resources, Inc., Victoria Gold Corp., Osisko Development Corp.

On August 12, 2021, Banyan Gold Corp. closed the transaction. The company issued CAD 10,714,286 charity flow-through shares for gross proceeds of CAD 4,071,429 in its final tranche and raised CAD 16,000,001 in the transaction.

The transaction involved participation from new investor, Franklin Gold and Precious Metals Fund, a fund managed by Franklin Resources, Inc. for a 7.1% stake, and returning investors, Victoria Gold Corp. and Osisko Development Corp. for 11.1% stake.

The company paid finder's and advisory fees of CAD 420,000 will be paid, subject to all necessary regulatory approvals. The shares issued will be subject to the customary 4 months plus a day hold period. As part of the transaction, Victoria Gold Corp.

16,071,429 shares for CAD 3,000,000, certain existing insiders of the company participated for 1,426,387 in flow-through shares or CAD 499,000.