Private Placement Increased, Insiders Buying, NO WARRANTS Maple Gold increases private placement to $3,950,000
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
MONTREAL, April 06, 2018 (GLOBE NEWSWIRE) -- Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V:MGM) (OTCQB:MGMLF) (Frankfurt:M3G) is pleased to announce that it has increased the non-brokered private placement financing (see press release March 19, 2018) to C$3,950,000 (the “Offering”) through the issuance of 16,458,333 common shares at a price of $0.24 per share.
Upon closing, the aggregate Quebec fund and institutional ownership in Maple Gold will increase to approximately 10 percent on an undiluted basis. The Company is also pleased to announce that Insiders of the Company have subscribed for a total of 433,333 common shares in the Offering for proceeds of $104,000 to the Company.
Maple Gold’s President & CEO, Matthew Hornor, stated: “We have a deep appreciation for partnering locally at the project and corporate level and look forward to creating value in the months and years ahead in northern Quebec. We are also pleased to have insiders participate in this financing and show their continued support.”
The Company now has eight (8) drill rigs at site and has recently submitted more than 5,000 samples to the lab for assaying. Drilling updates and assay results from this winter’s program are expected throughout April, May and June 2018.
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 are no finder’s fees associated with this private placement and there is no pro group participation. The Company will pay certain participants administrative fees of up to 5% of the gross proceeds of the Offering. The updated expected close date for the current private placement is the week of April 9, 2018.