Mayfair Gold Closes First Tranche of Non-Brokered Private Placement Financing to Advance Fenn-Gib Gold Project
December 19 2022 - 03:00PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V:
MFG; OTCQB:
MFGCF) today announced the closing of the first
tranche of its previously announced non-brokered private placement
financing (the “
Offering”) for proceeds of
$4,980,000. 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 3,000,000 common shares on a
flow-through basis (the “FT
Shares”) at a price per FT share of $1.66 for
gross proceeds of $4,980,000. The Offering price per FT share
represented a premium of 32% over the closing price of Mayfair Gold
common shares on the TSX.V on November 28, 2022.
All proceeds from the sale of FT Shares will be
used for expenditures that qualify as Canadian Exploration Expenses
(CEE) and “flow through mining expenditures” 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 April 20, 2022.
The Company anticipates closing the second
tranche of the Offering on or about January 6, 2023.
This news release does not constitute an offer
to sell or solicitation of an offer to buy any of the securities in
the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any US 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 Fenn-Gib deposit can deliver
robust gold recoveries of up to 94%.
For further
information contact:
Patrick Evans, President and CEOEmail:
patrick@mayfairgold.caPhone: (480) 747-3032Web:
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.
Shares Issued
and Outstanding:
87,951,007
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