Banyan Gold Cashed Up Well Into 2021 And Initiates Phase 2 Drill Program At AurMac Project In The Yukon

This morning, Banyan Gold (TSX-V:BYN), announced a C$4.3 million financing that is already fully subscribed. Banyan Gold CEO Tara Christie was offered money from multiple “strong handed” investors, and the terms of the financing are fair for both the company (existing shareholders) and the new investors.

Tara has carefully vetted the participants in this financing and while a portion of it is flow-through I don’t expect these shares to immediately get blown out in four months. More importantly, Banyan will have nearly C$6 million in its treasury once this financing is closed. Banyan has already paid some bills for the 2,000+ meters of drilling it has already completed this summer at AurMac.
Banyan can now work all the way through December at AurMac and this infusion of funds will allow Banyan to advance an extensive Phase 2 Exploration Program at AurMac. Phase 2 exploration will include additional diamond drilling, geotechnical drilling, metallurgical test work, environmental baseline data collection and community consultation. Further details of the expanded program will be released in the coming weeks.
Banyan Gold CEO Tara Christie offered the following comments:
“Our current significant shareholders and new strategic shareholders participating in this financing are a strong endorsement of the growth potential of AurMac and confidence in our team….With a strong treasury, we are now well positioned to advance this project to the next level through 2020 and 2021. Banyan is taking this opportunity in finance at a time when there is strong interest in road accessible, near surface gold projects in an enviable jurisdiction, adjacent to two operating mines.”
Technically speaking, Banyan just completed a 3-day correction from $.32 to $.20 and finished yesterday’s trading session with a powerful surge of strength:
BYN.V (Daily)
In junior mining bull markets, company share prices do NOT fall on financings that are viewed as an overall positive because time is of the essence and the market wants to see projects advanced rapidly with steady news flow. The only way to advance an exploration stage project to the development stage is with money.
Banyan is cashed up for the rest of 2020 and well into 2021. We have at least a 4-5 month runway of steady news flow ahead of us. I am long and biased.

VIDEO INTERVIEW: Crux Investor interview with Banyan Gold CEO Tara Christie


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