Banyan Gold to raise $11.5M for Yukon projects

Banyan Gold (TSXV: BYN) (OTC: BYAGF) is looking to raise approximately $11.5 million in gross proceeds for advancing its flagship AurMac property and other gold projects throughout Yukon.

The private placement will comprise roughly 11.8 million premium flow-through shares priced at $0.568 per share and 12 million common shares at $0.40 per share.

As of 11:45 a.m. ET Wednesday, Banyan's stock was trading at $0.42 on the TSX Venture Exchange, down 2.4% from the previous session, with a market capitalization of $106.3 million.

This financing follows up on a $17 million private placement announced earlier in June that fully funded Banyan's growth and development plans for the AurMac gold project heading into 2023. The company now has a 60,000-metre drilling campaign underway, with results continuing to expand the gold-mineralized footprint.

The AurMac project represents an amalgamation of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, covering 173 sqkm of Yukon's Mayo mining district.