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

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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

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