Mayfair Gold Announces Flow-Through Financing
November 18 2021 - 12:46PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V: MFG; OTCQB:
MFGCF) today announced a strategic financing
(the
“Offering”) to further the successful
exploration program at the Fenn-Gib gold project in the Timmins
region of Ontario.
The Company intends to issue 4,000,000 common
shares ($4,640,000) of the Corporation on a flow-through basis (the
“FT Shares”) at a price per share of $1.16 by way
of a non-brokered private placement. The Offering Price represents
a premium of 25% over the closing price of Mayfair Gold common
shares on the TSX.V on November 17, 2021.
The gross 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 Common Shares issued will be subject to a
four month hold period. The Offering is expected to close on or
before December 15, 2021, and is subject to customary closing
conditions, including approval from the TSX.V. A finder’s fee may
be paid on a portion of the Offering.
This press release is not an offer of common
shares for sale in the United States. The common shares may not be
offered or sold in the United States absent registration or an
available exemption from the registration requirements of the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") and
applicable U.S. state securities laws. Mayfair will not make any
public offering of the securities in the United States. The common
shares have not been and will not be registered under the U.S.
Securities Act, or any state securities laws. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities, in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Mayfair
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.
For further information
contact:
Patrick Evans, President and CEOEmail:
patrick@mayfairgold.caPhone: (416) 670-5114Web:
www.mayfairgold.ca
Forward Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively,
"forward-looking statements") that relate to
Mayfair’s current expectations and views of future events. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"expects", "will continue", "is anticipated", "anticipates",
"believes", "estimated", "intends", "plans", "forecast",
"projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward-looking statements and may
involve estimates, assumptions and uncertainties which could cause
actual results or outcomes to differ materially from those
expressed in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release.
Forward-looking statements are based on a number
of assumptions and are subject to a number of risks and
uncertainties, many of which are beyond Mayfair’s control, which
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
statements. Such risks and uncertainties include, but are not
limited to, the impact and progression of the COVID-19 pandemic and
other factors. Mayfair undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for Mayfair to predict all of them, or assess the impact
of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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