Maple Gold closes C$7 Million financing for Quebec portfolio

Maple Gold Mines Ltd. has completed a "bought deal" brokered private placement of 13,020,000 common shares in the capital of the company that will qualify as "flow-through shares". Matthew Hornor, President and CEO of Maple Gold, commented: "I would like to thank all of our new and existing shareholders for their strong endorsement of Maple Gold's district-scale gold potential and planned exploration activities across our Québec project portfolio. With the closing of this financing, the Company is heading into the winter exploration season with an even healthier treasury that will enable us to ramp up drilling throughout 2022, including at our 100%-controlled Eagle Mine Property."

The deal is within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the "FT Shares") at a price of $0.54 per FT Share (the "Issue Price") for gross proceeds of C$7,030,800, including 3,720,000 FT Shares issued in connection with the exercise in full of the underwriters' option granted to Cormark Securities Inc. and Agentis Capital Markets Canada LP (together, the "Underwriters") under the Offering.

The Offering received support from new investors as well as existing shareholders, including Agnico Eagle Mines Limited. Strong demand for the Offering resulted in the full exercise of the underwriters' option for additional gross proceeds of over C$2 million.

The gross proceeds from the issuance of the FT Shares will be used to fund Canadian exploration expenses and will qualify as "flow-through mining expenditures" (within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec)) related to the Company's projects in Québec on or prior to December 31, 2022 for renunciation to subscribers of FT Shares effective December 31, 2021.

Tags: Quebec / Deals & Financial / Gold / All Articles