Mayfair Gold Closes Flow-Through Financing
December 13 2021 - 1:58PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V:
MFG; OTCQB:
MFGCF) today announced the closing of its
previously announced private placement financing (the
“
Offering”) 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 (the “FT
Shares”) 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.
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 CEO Email: patrick@mayfairgold.ca
Phone: (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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