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Mayfair Gold Corp. Announces Closing of its Initial Public Offering Including Full Exercise of the Over-Allotment Option
Vancouver, British Columbia, March 11, 2021 – Mayfair Gold Corp. (“Mayfair” or the “Company”) is pleased to announce that it has closed its initial public offer
About this update from Mayfair Gold Corp.
[{"type":"text","content":"Vancouver, British Columbia, March 11, 2021 – Mayfair Gold Corp. (“Mayfair” or the “Company”) is pleased to announce that it has closed its initial public offering (the “Offering”) of: 5,406,900 common shares (“Common Shares”), which includes 1,191,111 Common Shares issued pursuant to the exercise of the Over-Allotment Option (as defined herein), at a price of $1.85 per Common Share (the “Offering Price”), for gross proceeds of $10,002,765; and 3,731,000 Common Shares issued as “flow-through shares” (“FT Shares”) within the meaning of the Income Tax Act (Canada) (the “Tax Act”), at a price of $2.62 per FT Share, for gross proceeds of $9,775,220. The TSX Venture Exchange (the “TSXV”) has conditionally accepted the Company’s listing application and the Company’s Common Shares are expected to commence trading on the TSXV on or about March 22, 2021 under the trading symbol “MFG”. The net proceeds of the sale of the Common Shares will be used to fund Phase 1 of the recommended exploration program on the Fenn-Gib Property as further detailed in the Company’s final prospectus dated March 5, 2021 (the “Prospectus”), for general and administrative expenses, and for general working capital requirements. The gross proceeds from the sale of the FT Shares will be used for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) in connection with the mineral exploration programs of Mayfair on the Fenn-Gib Property. Eight Capital (as lead underwriter), PI Financial Corp. and Clarus Securities Inc. acted as underwriters (the “Underwriters”) for the Offering. In connection with the Offering, the Company paid the Underwriters a cash commission of $1,066,679.00. In connection with the Offering, the Underwriters exercised their over-allotment option (the “Over-Allotment Option”) in full, pursuant to which they have sold 1,191,900 Common Shares at the Offering Price. A copy of the Prospectus can be found on the Company’s profile on SEDAR at www.sedar.com. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Common Shares (including FT Shares) 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 state securities laws. Accordingly, the Common Shares (including FT Shares) may n...