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Mayfair Gold (TSXV:MFG) announces private placement of $8M

Mining, The Market Online Deal Room
TSXV:MFG
29 November 2022 10:45 (EDT)

Source: Mayfair Gold Corp.

Mayfair Gold Corp. (MFG) has arranged two private placement financings for total gross proceeds of up to $8 million.

One is a non-brokered private placement financing of up to 2,600,000 common shares at a price of $1.15 per share for aggregate gross proceeds of up to $3.0 million.

The other is a concurrent non-brokered private placement of up to 3,000,000 common shares on a flow-through basis at a price per FT share of $1.66 for aggregate gross proceeds of up to $5 million.

The company will use the net proceeds of the offering to further its exploration program in addition to environmental, metallurgical and engineering studies at the Fenn-Gib gold project in the Timmins region of Ontario.

In addition, a portion of the net proceeds of the shares issued under the offering will be reserved for working capital.

All proceeds from the sale of the 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 shares issued under the offering will be subject to a four-month hold period. The offering of FT shares is expected to close on or before December 20, 2022, and the offering of shares is expected to close on or about December 31, 2022.

The offering is subject to customary closing conditions, including approval from the TSX.V.

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.

Mayfair Gold Corp. was unchanged at $1.26 at 10:20 AM ET.


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