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Maple Gold closes $4M financing

Aug 4, 2020

Maple Gold Mines has closed a $4,000,000 first tranche of its previously announced hard dollar non-brokered financing.

The Company intends to use the proceeds to continue advancing the Douay Gold Project and for general corporate purposes. 

The company has issued approximately 23,530,000 common shares at a price of C$0.17 in conjunction with this first tranche. The company previously increased its financing for aggregate gross proceeds of up to C$4,750,000 (the "Offering") and expects to close its second tranche in approximately one week. 

Certain directors and officers (the "Insiders") of the Company are subscribing for approximately 300,000 Shares in this first tranche. The subscription of Shares to Insiders pursuant to the private placement is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. 

All securities issued in connection with the Offering are subject to a statutory hold period in accordance with applicable Canadian securities law until December 1, 2020. 

About Maple Gold 

Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world's premier mining jurisdictions. The Company's ~355 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource that remains open in multiple directions. For more information please visit www.maplegoldmines.com.

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