The Prospector News

Maple Gold Announces Closing of C$4.05 Million Flow-Through Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Maple Gold Announces Closing of C$4.05 Million Flow-Through Private Placement






Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) is pleased to announce that, further to its news release of June 20, 2024, the Company has completed its previously-announced non-brokered private placement of flow-through common shares of the Company for aggregate gross proceeds of C$4,058,621. The Offering was comprised of the issuance of an aggregate of 33,821,842 FT Shares, at an issue price of C$0.12 per FT Share.


The Company is also pleased to announce that, subsequent to the completion of the Offering, Agnico Eagle Mines Limited acquired, pursuant to an agreement among Agnico Eagle and an arm’s length third party, an aggregate of 33,821,842 common shares in the capital of the Company. Following this transaction, Agnico Eagle now beneficially owns an aggregate of 74,674,257 Common Shares, representing 19.9% of the Company’s issued and outstanding Common Shares.


“We are grateful for Agnico Eagle’s continued support through its continued investment in the Company,” stated Kiran Patankar, President and CEO of Maple Gold. “With our balance sheet strengthened and our planned 2024 exploration programs now fully financed, we are excited to follow up on the significant resource expansion and discovery potential across our district-scale gold projects in Québec. The Company anticipates the resumption of drilling later this year and expects to provide additional details on our future activities in due course.”


The gross proceeds from the sale of the FT Shares will be used by the Company to incur “Canadian exploration expenses” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec), on its properties in the province of Québec on or before December 31, 2025. All securities issued under the Offering are subject to a hold period of four months and one day from the closing date of the Offering, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws. The Offering remains subject to the final acceptance of the TSXV.


About Maple Gold


Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.


The district-scale property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi.


Posted June 24, 2024

Share this news article


G Mining Ventures Announces Closing of Private Placements and Receipt of Final Order for Arrangement with Reunion Gold

All amounts are in USD unless stated otherwise $50 million privat... READ MORE

July 12, 2024

SilverCrest Provides Second Quarter Operational Results

Record Revenue, Treasury Assets Increased by 34% During the Quart... READ MORE

July 12, 2024

New Found Intercepts Nine New Gold Zones Spanning 3km in Strike, Doubles Known Vertical Extent of Gold Mineralization to 820m Depth at Queensway

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to a... READ MORE

July 11, 2024

Kobo Resources Reports Significant Gold Intersections at its Kossou Gold Project With 9.0 Metres at 23.89 g/t Au, Including 1.0 Metre at 210.00 g/t Au and 9.0 Metres at 4.27 g/t Au

Completion of First Diamond Drill Program with 25 Holes (4,368 m)... READ MORE

July 11, 2024

International Battery Metals (IBAT) Commences Operations of World's First Commercial Modular Direct Lithium Extraction (DLE) Plant and First Commercial DLE Plant in North America

Industry-disrupting technology breakthrough vaults IBAT to global... READ MORE

July 11, 2024

Copyright 2024 The Prospector News