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MAS Gold Closes Oversubscribed Non-Brokered Private Placement

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MAS Gold Closes Oversubscribed Non-Brokered Private Placement






MAS Gold Corp. (TSX-V: MAS) is pleased to announce that it has increased and closed its previously announced non-brokered private placement offering of units of the Company and flow-through units of the Company for aggregate gross proceeds to the Company of $3,060,479.


MAS Gold intends to use the net proceeds from the Offering to establish an economically viable resource by combining ounces from the portfolio properties located in the highly prospective area of La Ronge Gold Belt. MAS Gold plans to conduct drill programs on its North Lake and Greywacke properties to upgrade the resources classification and test the resource extension. MAS Gold also intends to complete further definition drilling, surface geological mapping and other explorations work on its properties, including the Point Deposit and Joe Prospect properties. A portion of the proceeds will be used for working capital requirements and other general corporate purposes.


The net proceeds received by MAS Gold from the sale of the FT Units will be used to incur eligible “Canadian exploration expenses” that are “flow-through mining expenditures” (as such term is defined in the Income Tax Act (Canada)). MAS Gold will renounce such CEE to the purchasers of the FT Units with an effective date of no later than December 31, 2020.


Pursuant to the Offering, the Company issued 30,017,171 Units at a price of $0.06 per Unit and 17,992,139 FT Units at a price of $0.07 per FT Unit. Each Unit is comprised of one common share of the Company and one Common Share purchase warrant. Each FT Unit consists of one “flow-through” common share of the Company that will qualify as a “flow through share” within the meaning of subsection 66(15) of the- Income Tax Act (Canada) and one-half of one Warrant. Each Warrant is exercisable to acquire one Common Share at a price of $0.10 per Warrant Share for a period of 24 months from the closing of the Offering.


The Offering has been conditionally accepted by the TSX Venture Exchange, subject to standard closing conditions. The Units, FT Units, and the underlying securities comprising the Units and FT Units issued under the Offering are subject to a statutory hold period expiring on May 1, 2021. In connection with the Offering, the Company paid cash finder’s fees in the amount of 8% of the gross proceeds raised through the sale of Units and FT Units to subscribers facilitated through the finders.


MAS Gold advises that the insiders of the company participated in the Offering, which was completed pursuant to available related party exemptions under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.


About MAS Gold Corp.


MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, MAS Gold Corp. operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization. MAS Gold’s NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke deposit is available on SEDAR and on MAS Gold’s website: .


Posted January 4, 2021

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