Banyan Gold Corp. (TSXV: BYN) (OTCQB: BYAGF) announced the completion of a private placement raising $46.5 million in gross proceeds, according to a press release statement.

The offering consisted of 15.5 million flow-through shares priced at $1.918 each, generating $29.7 million, and 12 million common shares at $1.40 per share for $16.8 million. The shares are subject to a hold period under Canadian securities laws expiring September 7, 2026.

The company stated it will use proceeds from the flow-through shares for Canadian exploration expenses qualifying as flow-through mining expenditures related to its Yukon projects by December 31, 2027. These expenditures will be renounced in favor of flow-through share subscribers by December 31, 2026.

"With this financing now closed, Banyan is set to complete 70,000 metres of drilling and accelerate derisking the AurMac Project," stated Tara Christie, President and CEO. "With Banyan well-funded through 2027, we are positioned for a fully funded drill program, continued resource expansion, and a clear path toward our first economic study."

The offering remains subject to final approval from the TSX Venture Exchange. The Vancouver-based company's primary asset is the AurMac Project in Canada's Yukon Territory, which has an indicated mineral resource of 2.274 million ounces of gold and an inferred mineral resource of 5.453 million ounces of gold.