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Maple Gold Closes $4,000,000 First Tranche of Non-Brokered Financing
Montreal, Quebec--(Newsfile Corp. - July 31, 2020) -   Maple Gold Mines Ltd. (TSXV: MGM) ...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Maple Gold Closes $4,000,000 First Tranche of Non-Brokered FinancingMontreal, Quebec--(Newsfile Corp. - July 31, 2020) -  Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (\"Maple Gold\" or the \"Company\") is pleased to report that it has closed a $4,000,000 first tranche of its previously announced hard dollar non-brokered financing (see press releases on July 23 and July 29, 2020). The Company has issued approximately 23,530,000 common shares (the \"Shares\") at a price of C$0.17 per Share in conjunction with this first tranche. The Company previously increased its financing for aggregate gross proceeds of up to C$4,750,000 (the \"Offering\") and expects to close its second tranche in approximately one week. Certain directors and officers (the \"Insiders\") of the Company are subscribing for approximately 300,000 Shares in this first tranche. The subscription of Shares to Insiders pursuant to the private placement is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. The Company intends to use the net proceeds from the private placement to continue advancing the Douay Gold Project and for general corporate purposes. All securities issued in connection with the Offering are subject to a statutory hold period in accordance with applicable Canadian securities law until December 1, 2020. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the \"U.S. Securities Act\") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.About Maple Gold Maple Gold is an advanced gold...