Mayfair Gold Closes Flow-Through Financing
June 30, 2022
Shares Issued and Outstanding: 84,951,007
TSXV: MFG
OTCQX: MFGCF
Mayfair Gold Closes Flow-Through Financing
Vancouver, British Columbia, June 30, 2022 – Mayfair Gold Corp. (“Mayfair” or the “Company”)
(TSX-V: MFG; OTCQX: MFGCF) today announced the closing of its previously announced private
placement financing (the “ Offering”) for proceeds of $7,009,000. 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 4,300,000 common shares ($7,009,000) on a flow-through basis (the “ FT
Shares”) at a price per FT share of $1.63. The Offering price per FT Share represents a premium of
36% over the closing price of Mayfair Gold common shares on the TSX.V on June 8, 2022.
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, 2022.
The FT Shares issued are subject to a four-month hold period expiring on November 1, 2022.
About Mayfair
Mayfair 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. An updated open-pit constrained NI 43-101 resource estimate (Source:
“NI 43-101 Technical Report Fenn-Gib Project, Ontario, Canada” dated February 5, 2021, authored
by JDS Energy and Mining, Inc. and Kirkham Geosystems Ltd.) 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. 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
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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.