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Maya Gold and Silver Inc Announces Closing Of CAD7.7 Million


Monday, 26 Nov 2012 10:14am EST 

Maya Gold and Silver Inc announced further to its news releases dated September 13, 2012 and November 5, 2012, the closing of the second tranche of its non-brokered private placement through the sale of 18,808,000 units (the Units) at a price of CAD 0.25 per Unit, for gross proceeds to the Corporation of CAD 4,702,000. Each Unit consists of one common share in the capital of the Corporation (a Common Share) and one-half of one common share purchase warrant of the Corporation; each whole common share purchase warrant (a Warrant) entitling the holder thereof to purchase one additional Common Share at a price of CAD 0.35 per Common Share for a period of 24 months from the date of issuance, expiring on November 26, 2014. In the aggregate, the two tranches of the non-brokered private placement, together with the share exchange completed with Praetorian Resources Limited and announced by press release on July 12, 2012, have resulted in gross proceeds to Maya of CAD 7,702,000. The Corporation intends to use the net proceeds of the private placement mainly for the re-commissioning and further development of the Zgounder silver mine and to fund other commitments on Maya's properties in Morocco. Maya intends to release a more detailed corporate update to the market in the near future. Another press release will be issued later this week to specify on overall developments. 

Company Quote

0.37
0.0050 +1.37%
12:40pm EDT