Mr. Matthew Hornor reports
MAPLE GOLD ARRANGES UP TO $2,500,000 FLOW-THROUGH FINANCING
Maple Gold Mines Ltd. has arranged a non-brokered flow-through financing for aggregate gross proceeds of up to $2.5-million through the issuance of up to 8,333,333 common shares at a price of 30 cents per share.
Maple Gold's president and chief executive officer, Matthew Hornor, stated:"This small flow-through raise at a premium to market will allow the company to conserve hard dollars with the new flow-through capital covering upcoming exploration expenditures. We look forward to additional drill results from the recently completed campaign in the weeks ahead."
The shares will be flow-through shares pursuant to the Income Tax Act (Canada) and will be subject to a statutory hold period of four months plus one day from the date of closing. The company intends to use the net proceeds from the private placement to continue advancing the Douay gold project. The company will pay finders' fees of up to 6 per cent in cash and 6 per cent in broker warrants of the gross proceeds of the offering.
The offering is anticipated to close this week and is subject to the receipt of all necessary approvals, including the approval of the exchange.
About Maple Gold Mines Ltd.
Maple Gold is a 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 kilometres of strike along the Casa Berardi deformation zone.
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