Maple Gold announces $10 Million financing for Douay

Maple Gold Mines Ltd. has entered into an agreement with BMO Capital Markets, under which the BMO has agreed to buy on bought deal basis 27,800,000 common shares of the company, at a price of C$0.36 per Common Share for gross proceeds of approximately C$10 million.

The net proceeds of the Offering will be used to continue advancement of the Douay Gold Project, for general corporate purposes, and to fund future potential growth opportunities.

The Company has also granted the Underwriter an option, exercisable in whole or in part at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about December 30, 2020 and is subject to Maple Gold receiving all necessary regulatory approvals.

The Common Shares will be offered by way of a short form prospectus in all of the provinces of Canada and may also be offered by way of private placement in the United States.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or 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 Maple Gold

Maple Gold Mines Ltd. controls the 357-square-kilometre Douay Gold Project located within the prolific Abitibi Greenstone Gold Belt in northern Quebec, Canada. The Project has an established National Instrument 43-101 gold resource (RPA 2019) of 422,000 ounces in the Indicated category (8.6Mt grading 1.52 g/t Au) and 2.35 million ounces in the Inferred category (71.2Mt grading 1.03 g/t Au) with significant potential for resource expansion and new discoveries. On October 8, 2020, the Company announced the signing of a binding term sheet with Agnico Eagle Mines Limited (“Agnico”) that contemplates the formation of a 50-50 joint-venture (the “JV”), which will combine Maple Gold's Douay Gold Project and Agnico's Joutel Project into a consolidated joint property package. 

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