Mr. Matthew Hornor reports
MAPLE GOLD ANNOUNCES CLOSING OF $3,950,000 PRIVATE PLACEMENT
Maple Gold Mines Ltd.has completed a non-brokered private placement financing (see press releases March 19, 2018, and April 5, 2018), for aggregate gross proceeds of $3.95-million through the issuance of 16,458,334 common shares at a price of 24 cents per share.
Upon closing, the aggregate Quebec fund and institutional ownership in Maple Gold has increased significantly to approximately 10 per cent on an undiluted basis. The Caisse de depot et placement du Quebec, SIDEX sec (LP), Capital Regional et Cooperatif Desjardins and Societe de Developpement de la Baie-James (SDBJ) participated for an aggregate $3.8-million. The company is also pleased to report that insiders of the company subscribed for a total of 433,334 common shares in the offering for proceeds of $104,000 to the company.
All the securities will be subject to a four-month hold period from the date of closing. The company intends on using the net proceeds from the private placement to continue advancing the Douay gold project and for general corporate purposes. There were no finder's fees paid and no pro group participation associated with the offering. The company will pay certain participants administrative fees of up to 5 per cent of the gross proceeds of the offering.
Corporate update
The company is also pleased to announce the appointment of Michelle Borthwick as vice-president, compliance, and corporate secretary. Ms. Borthwick will be replacing Tracy Hansen, effective immediately.
Ms. Borthwick brings more than 20 years of diverse senior-level experience in public company management, transition and growth. Most recently, she served as vice-president, corporate affairs, and corporate secretary of Endeavour Mining Corp., an international gold-mining company listed on the Toronto Stock Exchange.
The company wishes to thank Ms. Hansen for her service to the company and wishes her all the best in her future endeavours.
About Maple Gold Mines Ltd.
Maple Gold is a well-financed gold exploration company focused on advancing a district-scale gold project in one of the world's premier mining jurisdictions. The company's 370-square-kilometre Douay gold project is located along the Casa Berardi deformation zone within the prolific Abitibi greenstone belt in Northern Quebec, Canada. The project has an established gold resource that remains open in multiple directions, with excellent infrastructure and several large-scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under way to expand on the known resource areas and test new discovery targets within the company's 55 km of strike along the Casa Berardi deformation zone.
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