The Prospector News

Mayfair Gold Announces Closing of Flow-Through Financing and Arrangement of Common Share Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Mayfair Gold Announces Closing of Flow-Through Financing and Arrangement of Common Share Financing

 

 

 

 

 

Mayfair Gold Corp. (TSX-V: MFG) (OTCQB: MFGCF) announced the closing of its previously announced private placement flow-through financing for proceeds of $6,001,600. The funds will be used to further the Company’s successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario.

 

The Company issued 2,420,000 common shares on a flow-through basis at a price per FT Share of $2.48. The Offering price per FT share represents a premium of 37% over the closing price of Mayfair Gold common shares on the TSX.V on April 17, 2023. The FT Shares issued are subject to a four month hold period expiring on September 18, 2023.

 

All proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration Expenses 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, 2023.

 

Mayfair Gold today also announced the arrangement of a non-brokered private placement financing of 1,729,000 common shares at a price of $1.75 per share for aggregate gross proceeds of $3,025,750. The net proceeds of the Offering will be used to further environmental, metallurgical and engineering studies at the Fenn-Gib Gold Project, and for general working capital. The Shares issued under the Offering will be subject to a four month hold period. The Offering is subject to customary closing conditions, including the approval of the TSX.V, and is expected to close on or about May 31, 2023.

 

Mayfair will not make any public offering of the shares in the United States. The shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws.

 

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 currently hosts an updated NI 43-101 resource estimate including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au; and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date October 15, 2022). The Fenn-Gib 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. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

 

Posted May 17, 2023

Share this news article

MORE or "UNCATEGORIZED"


VIZSLA SILVER AGREES TO ACQUIRE NEWLY CONSOLIDATED PAST-PRODUCING SILVER DISTRICT IN THE EMERGING SILVER-GOLD-RICH PANUCO - SAN DIMAS CORRIDOR IN MEXICO

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

March 28, 2024

Additional Drill Results Highlighted by Hole D-380 in Block 6 at Oko West, Intersecting 39.7 m Grading 5.27 g/t Au Including 2.8 m @ 14.18 g/t Au and 13.0 m Grading 10.50 g/t Au

Reunion Gold Corporation (TSX-V: RGD) (OTCQX: RGDFF) is pleased t... READ MORE

March 28, 2024

STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit

STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) announces ... READ MORE

March 28, 2024

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

Consolidated copper production is expected to average 153,000i to... READ MORE

March 28, 2024

Aya Gold & Silver: Record 2023 Production, Revenue and Operating Cash Flow

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE

March 28, 2024

Copyright 2024 The Prospector News