Mayfair Gold Corp. (TSX-V: MFG) (OTCQX: MFGCF) today announced the closing of its previously announced private placement financing for proceeds of $7,009,000. 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 4,300,000 common shares ($7,009,000) on a flow-through basis at a price per FT share of $1.63. The Offering price per FT Share represents a premium of 36% over the closing price of Mayfair Gold common shares on the TSX.V on June 8, 2022.
All proceeds from the sale of FT Shares will be used for expenditures which 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, 2022.
The FT Shares issued are subject to a four-month hold period expiring on November 1, 2022.
Mayfair 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. An updated open-pit constrained NI 43-101 resource estimate (Source: “NI 43-101 Technical Report Fenn-Gib Project, Ontario, Canada” dated February 5, 2021, authored by JDS Energy and Mining, Inc. and Kirkham Geosystems Ltd.) reported a total Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t Au and an Inferred Resource of 3.8M tonnes containing 75,000 ounces at a grade of 0.618 g/t Au. The 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%.
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We acknowledge the [financial] support of the Government of Canada.