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Maya Gold & Silver Inc.: Closing of the Initial Public Offering of and Commencement of Trading on the TSX Venture Exchange
MONTREAL, QUEBEC–(Marketwire – July 2, 2008) – Maya Gold & Silver Inc. (“Maya”) (TSX VENTURE:MYA – News) is pleased to announce the closing of its initial public offering (“IPO”) and the commencement of trading of its common shares on the TSX Venture Exchange (the “TSX-V”). The common shares of Maya will commence trading on the TSX-V under the symbol “MYA” at market opening on July 2, 2008.
In connection with its IPO, Maya has issued 8,000,000 units at a price of $0.25 per unit for gross proceeds of $2,000,000 (the “Offering”); each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share at a price of $0.35 for a period of 12 months from the closing of the Offering.
Desjardins Securities Inc. acted as agent pursuant to the Offering and received a cash commission of $150,000 and 640,000 non-transferable compensation warrants, each compensation warrant entitling the holder thereof to acquire one additional common share at a price of $0.35 for a period of 12 months from the closing of the Offering.
For the next 12 months, Maya will allocate the total funds available to it upon the completion of the Offering to fund its exploration activities on the Baluarte Property located in Mexico. Maya will initially not have any property in production.
Maya Gold & Silver Inc.
President and Chief Executive Officer