BANYAN GOLD CORP. (“Banyan” or the “Company”) announces that it has elected to accelerate the expiry date of the warrants (the “Warrants”) issued under its private placement financings completed on January 29, 2016.
Pursuant to the terms of the Warrants, if the average volume weighted average trading price of Banyan’s shares on the TSX Venture Exchange is above $0.10 per share for a period of any fifteen (15) trading days, Banyan is entitled to accelerate the expiry date of the Warrants to a date thirty (30) calendar days from the date notice of such acceleration is provided to holders of Warrants. Banyan has elected to provide notice of such acceleration to the holders of Warrants.
This news release constitutes notice to Warrant holders of the new expiry time. Any Warrants remaining unexercised after the new expiry time will be cancelled. Effective today, the Warrants issued to the purchasers pursuant to the above noted private placements are set to expire at 5:00 p.m. (Calgary time) on April 19, 2017.
Although it is unknown how many Warrants will be exercised, if all the Warrants are exercised, Banyan will receive additional proceeds of $280,000 and a total of 4,000,000 additional common shares of Banyan will be issued.
Since February 17, $357,154 has been raised from the exercise of warrants with expiry dates of March 13, 2017 and August 24, 2018 and a total of 4,707,692 common shares have been issued.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie
Tel: (888) 629-0444
Email: tchristie@banyangold.com
David Rutt
Tel: (888) 629-0444
Email: drutt@banyangold.com
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals or future plans, statements regarding exploration expectations, exploration or development plans and the timing of negotiating the definitive agreements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Paul D.Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43-101 of the Canadian Securities Administrators, and has verified and supervised the preparation of all of the scientific and technical information contained in this news release.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.