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Mayfair Gold Closes First Tranche of Non-Brokered Private Placement Financing to Advance Fenn-Gib Gold Project
VANCOUVER, British Columbia, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the cl
About this update from Mayfair Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the closing of the first tranche of its previously announced non-brokered private placement financing (the “Offering”) for proceeds of $4,980,000. 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 3,000,000 common shares on a flow-through basis (the “FT Shares”) at a price per FT share of $1.66 for gross proceeds of $4,980,000. The Offering price per FT share represented a premium of 32% over the closing price of Mayfair Gold common shares on the TSX.V on November 28, 2022. All proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration Expenses (CEE) and “flow through mining expenditures” 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, 2022. The FT Shares issued are subject to a four-month hold period expiring on April 20, 2022. The Company anticipates closing the second tranche of the Offering on or about January 6, 2023. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any US 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 grade of 0.70 g/t Au; and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths rangi...