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Mayfair Gold Announces Closing of Flow-Through Financing and Arrangement of Common Share Financing
VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the clo
About this update from Mayfair Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the closing of its previously announced private placement flow-through financing (the “FT Offering”) for proceeds of $6,001,600. The funds will be used to further the Company’s successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario. The Company issued 2,420,000 common shares on a flow-through basis (the “FT Shares”) at a price per FT Share of $2.48. The Offering price per FT share represents a premium of 37% over the closing price of Mayfair Gold common shares on the TSX.V on April 17, 2023. The FT Shares issued are subject to a four month hold period expiring on September 18, 2023. All proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration Expenses (CEE) within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE expenditures with an effective date of no later than December 31, 2023. Mayfair Gold today also announced the arrangement of a non-brokered private placement financing (the “Offering”) of 1,729,000 common shares (the “Shares”) at a price of $1.75 per share for aggregate gross proceeds of $3,025,750. The net proceeds of the Offering will be used to further environmental, metallurgical and engineering studies at the Fenn-Gib Gold Project, and for general working capital. The Shares issued under the Offering will be subject to a four month hold period. The Offering is subject to customary closing conditions, including the approval of the TSX.V, and is expected to close on or about May 31, 2023. 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 including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a gra...