Mayfair Gold Announces Private Placement Financings

VANCOUVER, British Columbia, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the arrangement of a non-brokered private placement financing of 2,381,000 common shares (the “Shares”) at a price per Share of $2.10 for gross proceeds of approximately $5 million, and a concurrent non-brokered private placement financing of 2,040,000 common shares on a flow-through basis (the “FT Shares”) at a price per FT Share of $2.94 (together the “Offering”) for gross proceeds of approximately $6 million. The FT Share price of $2.94 represents a premium of approximately 38% over the closing price of Mayfair Gold common shares on the TSX.V on October 10, 2023. The aggregate gross proceeds of the Offering are expected to be approximately $11 million.

All proceeds from the sale of the FT Shares will be used for expenditures which qualify as Canadian Exploration Expenses (“CEE”) within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE expenditures with an effective date of no later than December 31, 2023.

A portion of net proceeds of the Shares issued under the Offering will be reserved for working capital. The balance will be used to further Mayfair’s successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario. Finder’s fees may be payable on a portion of the Offering.

The shares issued under the Offering will be subject to a four-month hold period. The Offering is expected to close on or about November 2, 2023. The Offering is subject to customary closing conditions, including approval from the TSX.V.

This press release is not an offer of common shares for sale in the United States. The Shares may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the US. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. Mayfair will not make any public offering of the Shares in the United States. The Shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by NI 43-101). The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.