/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 18, 2021 /CNW/ - Maple Gold Mines
Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is
pleased to announce that it has entered into an agreement pursuant
to which Cormark Securities Inc. and Agentis Capital (together, the
"Underwriters"), have agreed to purchase, on a "bought deal"
private placement basis, 9,300,000 common shares in the capital of
the Company that will qualify as "flow-through shares" (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") (the
"Issue Price") at a price of $0.54 per FT Share for gross proceeds of
$5,022,000 (the
"Offering").
The Underwriters will have the option, exercisable in whole or
in part at any time up to 48 hours prior to the closing of the
Offering, to arrange for the purchase of up to an additional
3,720,000 FT Shares at the Issue Price.
The gross proceeds from the issuance of the FT Shares will be
used for Canadian exploration expenses and will qualify as
"flow-through mining expenditures", as defined in subsection 127(9)
of the Income Tax Act (Canada) and under section 359.1 of the
Taxation Act (Quebec) (the
"Qualifying Expenditures"), which will be incurred on or
before December 31, 2022 and
renounced to the subscribers with an effective date no later than
December 31, 2021 in an aggregate
amount not less than the gross proceeds raised from the issue of
the FT Shares. In addition, with respect to Québec resident
subscribers who are eligible individuals under the Taxation
Act (Québec), the Canadian exploration expenses will also
qualify for inclusion in the "exploration base relating to certain
Québec exploration expenses" within the meaning of section 726.4.10
of the Taxation Act (Québec) and for inclusion in the
"exploration base relating to certain Québec surface mining
expenses or oil and gas exploration expenses" within the meaning of
section 726.4.17.2 of the Taxation Act (Québec). If the
Qualifying Expenditures are reduced by the Canada Revenue Agency,
the Company will indemnify each FT Share subscriber for any
additional taxes payable by such subscriber as a result of the
Company's failure to renounce the Qualifying Expenditures as
agreed.
The Offering is expected to close on or about December 9, 2021, or such other date as the
Company and the Underwriters may agree and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the acceptance
of the TSX Venture Exchange.
The FT Shares will be offered for sale by way of private
placement pursuant to applicable exemptions from the prospectus
requirements in each of the provinces of Canada, and in such other jurisdictions as may
be mutually agreed between the Company and the Underwriters. The
securities issued under the Offering will be subject to a four
month hold period under applicable Canadian securities laws.
The securities offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, or any state securities law, and may not be offered, sold
or delivered, directly or indirectly, within the United States, or to or for the account or
benefit of U.S. persons, absent registration or an exemption from
such registration requirements. This news release does not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of securities in any state in
the United States in which such
offer, solicitation or sale would be unlawful.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company
in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly
advance the district-scale Douay and Joutel gold projects located
in Quebec's prolific Abitibi
Greenstone Gold Belt. The projects benefit from exceptional
infrastructure access and boast ~400 km2 of highly prospective
ground including an established gold resource at Douay (RPA 2019)
that holds significant expansion potential as well as the
past-producing Eagle, Telbel and Eagle West mines at Joutel. The
Company also holds an exclusive option to acquire 100% of the Eagle
Mine Property.
The district-scale property package also hosts a significant
number of regional exploration targets along a 55 km strike length
of the Casa Berardi Deformation Zone that have yet to be tested
through drilling, making the project ripe for new gold and
polymetallic discoveries. The Company is well capitalized and is
currently focused on carrying out exploration and drill programs to
grow resources and make new discoveries to establish an exciting
new gold district in the heart of the Abitibi. For more
information, please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
"Matthew Hornor"
B. Matthew Hornor, President
& CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS PRESS RELEASE.
This press release contains "forward-looking information" and
"forward-looking statements" (collectively referred to as
"forward-looking statements") within the meaning of applicable
Canadian securities legislation in Canada, including statements about the
Offering, use of proceeds, closing tax and tax treatment of the FT
Shares. Forward-looking statements are based on assumptions,
uncertainties and management's best estimate of future events.
Actual events or results could differ materially from the Company's
expectations and projections. Investors are cautioned that
forward-looking statements involve risks and uncertainties.
Accordingly, readers should not place undue reliance on
forward-looking statements. For a more detailed discussion of such
risks and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, refer to Maple Gold Mines Ltd.'s filings with Canadian
securities regulators available on www.sedar.com or the Company's
website at www.maplegoldmines.com. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Maple Gold Mines Ltd.
