Mayfair Gold Announces Private Placement Financings
Mayfair Gold Announces Private Placement Financings
Vancouver, British Columbia, November 29, 2022 – Mayfair Gold Corp. (“Mayfair” or the “Com-
pany”) (TSX-V: MFG; OTCQB: MFGCF ) today announced it has arranged a non-brokered private
placement financing (the “Offering”) of up to 2,600,000 common shares (the “Shares”) at a price
of $1.15 per share for aggregate gross proceeds of up to $3.0M, and a concurrent non-brokered
private placement of up to 3,000,000 common shares on a flow-through basis (the “FT Shares”)
at a price per FT Share of $1.66, which represents a premium of 32% over the closing price of
Mayfair Gold common shares on the TSX.V on November 28, 2022, for aggregate gross proceeds
of up to $5M.
The net proceeds of the Offering will be used to further Mayfair’s successful exploration program
in addition to environmental, metallurgical and engineering studies at the Fenn-Gib gold project
in the Timmins region of Ontario. A portion of the net proceeds of the Shares issued under the
Offering will be reserved for working capital. Finders’ fees may be payable on a portion of the
Offering.
All proceeds from the sale of the FT Shares will be used for expenditures which qualify as Cana-
dian Exploration Expenses (“CEE”) within the meaning of the Income Tax Act (Canada). The Com-
pany will renounce such CEE expenditures with an effective date of no later than December 31,
2022.
The shares issued under the Offering will be subject to a four-month hold period. The Offering of
FT Shares is expected to close on or before December 20, 2022, and the Offering of Shares is
expected to close on or about December 31, 2022. The Offering is subject to customary closing
conditions, including approval from the TSX.V.
This press release is not an offer of common shares for sale in the United States. The Shares may
not be offered or sold in the United States absent registration or an available exemption from
the registration requirements of the US. 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
Shares in the United States. The Shares have not been and will not be registered under the U.S.
Securities Act, or any state securities laws.
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About Mayfair
Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% con-
trolled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold de-
posit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate in-
cluding 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: [email protected]
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
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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.