Mayfair Gold Corp. (TSX-V: MFG) (OTCQB: MFGCF) announced the closing of its previously announced private placement financing for proceeds of $4,640,000. 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 4,000,000 common shares ($4,640,000) on a flow-through basis at a price per FT share of $1.16. The Offering price per FT share represents a premium of 25% over the closing price of Mayfair Gold common shares on the TSX.V on November 17, 2021.
All proceeds from the sale of FT Shares will be used for expenditures which qualify as Canadian Exploration Expenses (CEE) 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, 2021.
The FT Shares issued are subject to a four month hold period expiring on April 14, 2022.
Mayfair is a Canadian mineral exploration company focused on advancing the 100% owned 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 (February 5, 2021) 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.
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We acknowledge the [financial] support of the Government of Canada.