In This Article:
VANCOUVER, British Columbia, June 09, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced a strategic financing (the “Offering”) to further the successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario.
The Company intends to issue 4,300,000 common shares ($7,009,000) of the Corporation on a flow-through basis (the “FT Shares”) at a price per share of $1.63 by way of a non-brokered private placement. The Offering Price represents a premium of 36% over the closing price of Mayfair Gold common shares on the TSX.V on June 8, 2022.
The gross proceeds from the sale of FT Shares will be used for expenditures which 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, 2022.
The Common Shares issued will be subject to a four month hold period. The Offering is expected to close on or before June 30, 2022, and is subject to customary closing conditions, including approval from the TSX.V. A finder’s fee may be paid on a portion of the Offering.
This press release is not an offer of common shares for sale in the United States. The common shares may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the US. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. Mayfair will not make any public offering of the securities in the United States. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 Canada’s first carbon-neutral gold project. An open-pit constrained NI 43-101 resource estimate (February 5, 2021) reported a total Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t Au and an Inferred Resource of 3.8M tonnes containing 75,000 ounces at a grade of 0.618 g/t Au. The deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west.