Business
Maple Gold Closes C$7 Million Bought Deal Financing, Including Full Exercise of the Underwriters' Option
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Maple Gold Closes C$7 Million Bought Deal Financing, Including Full Exercise of the Underwriters' OptionNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVancouver, British Columbia--(Newsfile Corp. - December 9, 2021) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (\"Maple Gold\" or the \"Company\") is pleased to announce that further to its news release on November 18, 2021, the Company has completed a \"bought deal\" brokered private placement (the \"Offering\") of 13,020,000 common shares in the capital of the Company that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the \"FT Shares\") at a price of $0.54 per FT Share (the \"Issue Price\") for gross proceeds of C$7,030,800, including 3,720,000 FT Shares issued in connection with the exercise in full of the underwriters' option granted to Cormark Securities Inc. and Agentis Capital Markets Canada LP (together, the \"Underwriters\") under the Offering.The Offering received support from new investors as well as existing shareholders, including Agnico Eagle Mines Limited. Strong demand for the Offering resulted in the full exercise of the underwriters' option for additional gross proceeds of over C$2 million.Matthew Hornor, President and CEO of Maple Gold, commented: \"I would like to thank all of our new and existing shareholders for their strong endorsement of Maple Gold's district-scale gold potential and planned exploration activities across our Québec project portfolio. With the closing of this financing, the Company is heading into the winter exploration season with an even healthier treasury that will enable us to ramp up drilling throughout 2022, including at our 100%-controlled Eagle Mine Property.\"The gross proceeds from the issuance of the FT Shares will be used to fund Canadian exploration expenses and will qualify as \"flow-through mining expenditures\" (within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec)) related to the Company's projects in Québec on or prior to December 31, 2022 for renunciation to subscribers of FT Shares effective December 31, 2021.The Underwriters received a cash commission (the \"Underwriting Fee\") equal to 6% of the ...