Mayfair Gold Closes Private Placement Financing
Mayfair Gold Closes Private Placement Financing
VANCOUVER, British Columbia, June 08, 2023 -- 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
$3,025,750. The funds will be used to further the Company’s successful exploration, geotechnical, metallurgical, and
environmental programs at the Fenn-Gib gold project in the Timmins region of Ontario and for general corporate purposes.
The Company issued 1,729,000 common shares at a price per share of $1.75 to two subscribers: Mr. Douglas Cater, a
director of the Company, and funds under the direction and control of Muddy Waters Capital, LLC (“ MW Funds”). The issued
shares are subject to a four month hold period expiring October 9, 2023. A finder’s fee was paid on a portion of the financing.
Mayfair Gold President and CEO Patrick Evans commented: “We welcome the support of Mr. Cater and Muddy Waters
Capital, which we view as a strong endorsement of the quality of Mayfair’s plus 3-million-ounce, open-pittable Fenn-Gib gold
project.”
Mr. Carson Block, Chief Investment Officer of Muddy Waters Capital, noted: “Consistent with our strategy of identifying
resources with outstanding potential, we have invested in Mayfair Gold because its Fenn-Gib project has the rare combination
of scale, surrounding infrastructure, and the stability of Canada. CEO Patrick Evans and his team have done an excellent job
developing the resource.”
Mr. Douglas Cater was issued 15,000 shares under the Offering, and investment funds under MW Funds were issued
1,714,000 shares under the Offering. MW Funds own shares of the Company constituting in the aggregate more than 10% of
the Company’s issued and outstanding capital. Accordingly, Mr. Cater’s and MW Funds’ subscriptions each constituted a
“related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special
Transactions (“MI 61-101”).
The issuance of the shares to the related parties was exempt from the valuation requirement of MI 61-101 under the exemption
in section 5.5(b) of MI 61-101 in that the Company’s shares are not listed on a specified market, and was also exempt from
the minority shareholder approval requirements of MI 61-101 under the exemption in section 5.7(a) of MI 61-101 in that the fair
market value of the consideration for the securities issued to the related parties did not exceed 25% of the Company market
capitalization.
None of the securities sold under the Offering will be registered under the United States Securities Act of 1933, as amended,
and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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: [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 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.