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Maple Gold closes previously announced C$1,132,000 private placement and arranges additional $330,000 financing
Montreal, Quebec--(Newsfile Corp. - December 23, 2019) - Maple Gold Mines Ltd. ( TSXV: MGM) ...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Maple Gold closes previously announced C$1,132,000 private placement and arranges additional $330,000 financingMontreal, Quebec--(Newsfile Corp. - December 23, 2019) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (\"Maple Gold\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement for total gross proceeds of C$1,132,000 and has subsequently arranged an additional $330,000 in financing. On December 19, 2019 the Company announced that it had arranged a non-brokered flow-through financing for aggregate gross proceeds of C$1,008,000 million (the \"Offering\") through the issuance of 7,200,000 common shares (the \"Flow Through Shares\") at a price of C$0.14 per Flow Through Share. The Company also announced that it had arranged up to C$124,000 in hard dollar financing through the issuance of up to 1,550,000 shares (the \"Shares\") at a price of C$0.08 per Share. Certain directors and officers (the \"Insiders\") of the Company subscribed for approximately 53% of the Shares. The Company has arranged an additional non-brokered C$210,000 in flow-through financing (the \"Second Offering\") through the issuance of 1,500,000 common shares (the \"Flow Through Shares\") at a price of $0.14 per Flow Through Share and an additional $120,000 in hard dollar financing through the issuance of 1,500,000 common shares (the \"Shares\") at a price of C$0.08 per Share. 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.All Shares issued in connection with the Offerings will be subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the private placements to drill top-priority targets at the Douay Project and for general corporate purposes. There were no finder's fees associated with the first Offering and no pro group participation. The closing of the Second Offering is ex...