Mayfair Gold Increases Private Placement Financing
25 Outubro 2023 - 7:00PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V: MFG; OTCQB:
MFGCF) today announced that the previously announced
non-brokered private placement financing of common shares has been
increased from $5 million to $6.05 million due to strong demand.
The Company announced
on October 10, 2023, that it had arranged a non-brokered private
placement financing of 2,381,000 common shares (the
“Shares”) at a price per Share of $2.10 for gross
proceeds of approximately $5 million, and a concurrent non-brokered
private placement financing of 2,040,000 common shares on a
flow-through basis (the “FT Shares”) at a price
per FT Share of $2.94 (together the “Offering”)
for gross proceeds of approximately $6 million.
Under the increased
Offering, the Company will issue 2,881,000 Shares at a price per
Share of $2.10 for gross proceeds of approximately $6.05 million.
The aggregate gross proceeds of the Offering are expected to be
approximately $12.05 million.
Proceeds of the Offering will be used to further
exploration, and metallurgical and engineering studies at the
Fenn-Gib gold project in the Timmins region of Ontario. A portion
of net proceeds of the Share issuance will be reserved for working
capital.
Shares issued under the Offering will be subject
to a four-month hold period. The Offering is expected to close on
or about November 2, 2023, and is subject to customary closing
conditions, including TSX Venture Exchange acceptance.
This press release is not an offer of common
shares for sale in the United States. The Shares may not be offered
or sold in the United States absent registration or an available
exemption from the registration requirements of the US. Securities
Act of 1933, as amended (the "U.S. Securities Act") and applicable
U.S. state securities laws. Mayfair will not make any public
offering of the Shares in the United States. The Shares have not
been and will not be registered under the U.S. Securities Act, or
any state securities laws.
About Mayfair
Mayfair Gold is a
Canadian mineral exploration company focused on advancing the 100%
controlled Fenn-Gib gold project in the Timmins region of Northern
Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and
currently hosts an updated NI 43-101 resource estimate with an
effective date of April 6, 2023 with a total Indicated Resource of
113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au
and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at
a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: Tim
Maunula, P. Geo., of T. Maunula & Associates Consulting Inc.,
who is deemed a qualified person as defined by NI 43-101). The
Fenn-Gib deposit has a strike length of over 1.5km with widths
ranging over 500m. The gold mineralized zones remain open at depth
and along strike to the east and west. Recently completed
metallurgical tests confirm that the Fenn-Gib deposit can deliver
robust gold recoveries of up to 94%.
For further information contact:
Patrick Evans, President and CEOEmail:
patrick@mayfairgold.caPhone: (480) 747-3032Web:
www.mayfairgold.ca
Forward Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively,
"forward-looking statements") that relate to
Mayfair’s current expectations and views of future events. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"expects", "will continue", "is anticipated", "anticipates",
"believes", "estimated", "intends", "plans", "forecast",
"projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward-looking statements and may
involve estimates, assumptions and uncertainties which could cause
actual results or outcomes to differ materially from those
expressed in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release.
Forward-looking statements are based on a number
of assumptions and are subject to a number of risks and
uncertainties, many of which are beyond Mayfair’s control, which
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
statements. Such risks and uncertainties include, but are not
limited to, the impact and progression of the COVID-19 pandemic and
other factors. Mayfair undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for Mayfair to predict all of them, or assess the impact
of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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