Mayfair Gold Closes First Tranche of Non-Brokered Private Placement Financing to Advance Fenn-Gib Gold Project
December 19, 2022
Shares Issued and Outstanding: 87,951,007
TSXV: MFG
OTCQB: MFGCF
Mayfair Gold Closes First Tranche of
Non-Brokered Private Placement Financing to
Advance Fenn-Gib Gold Project
Vancouver, British Columbia, December 19, 2022 – Mayfair Gold Corp. (“ Mayfair” or the “ Company”)
(TSX-V: MFG; OTCQB: MFGCF) today announced the closing of the first tranche of its previously announced
non-brokered private placement financing (the “Offering”) for proceeds of $4,980,000. 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 3,000,000 common shares on a flow-through basis (the “FT Shares”) at a price per FT
share of $1.66 for gross proceeds of $4,980,000. The Offering price per FT share represented a premium
of 32% over the closing price of Mayfair Gold common shares on the TSX.V on November 28, 2022.
All proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration
Expenses (CEE) and “flow through mining expenditures” 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 April 20,
2022.
The Company anticipates closing the second tranche of the Offering on or about January 6, 2023.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended, or any US state securities laws.
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 Fenn-Gib deposit can deliver robust gold recoveries of up to
94%.
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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.