Mayfair Gold Closes Second Tranche of Financing

Rhea-AI Summary

Mayfair Gold announced the closing of the second tranche of its non-brokered private placement, raising $3,450,000 for its exploration program at the Fenn-Gib gold project in Ontario. The total raised from both tranches is $8,430,000. The company issued 3,000,000 shares at $1.15 per share, subject to a hold period until May 11, 2023. CEO Patrick Evans expressed satisfaction with the support for the financing, which will facilitate resource delineation and metallurgical studies for the project.

Positive

• Raised a total of $8,430,000 from private placements.
• Funds will advance exploration at the Fenn-Gib gold project.
• Strong support for the financing as indicated by management.

Negative

• None.

VANCOUVER, British Columbia, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the closing of the second and final tranche of its previously announced non-brokered private placement financing (the “Offering”) for proceeds of $3,450,000. 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, for metallurgical and engineering studies, and for general working capital.

The Company issued 3,000,000 common shares at a price per share of $1.15. The common shares issued are subject to a four month hold period expiring on May 11, 2023.

The Company completed the first tranche of the Offering on December 19, 2022, for proceeds of $4,980,000. The aggregate proceeds from the first and second tranches of the financing is $8,430,000.

Mayfair President and CEO Patrick Evans said: “We are pleased with the strong support for this financing. Mayfair is now well placed to advance the Fenn-Gib gold project through final resource delineation, metallurgical and engineering studies”.

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 Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

Patrick Evans, President and CEO
Email: patrick@mayfairgold.ca Phone: (480) 747-3032
Web: 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.

FAQ

What was the amount raised in Mayfair Gold's second tranche private placement?

Mayfair Gold raised $3,450,000 in the second tranche of its private placement.

What is the total amount raised by Mayfair Gold from both tranches of the offering?

The total amount raised is $8,430,000 from both tranches.

What will the funds from the private placement be used for?

The funds will be used for exploration at the Fenn-Gib gold project, metallurgical studies, and general working capital.

How many shares did Mayfair Gold issue in the second tranche?

Mayfair Gold issued 3,000,000 common shares in the second tranche.

What is the share price at which Mayfair Gold issued shares in the recent placement?

Shares were issued at a price of $1.15 each.