Maya Gold & Silver Closes First Tranche Financing

Montreal, Quebec, January 22, 2010 – MAYA GOLD & SILVER (TSX-V: MYA) (“Maya” or the “Company”) (TSX: MYA) is pleased to announce that it has closed a first tranche of the non-brokered private placement (the “Private Placement”) previously announced on December 22, 2009.

The Company has raised $1.62 million through the issuance of 4.06 million units at a price of $0.40 per unit. Each unit consists of one common share and one purchase warrant. Each warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.50 per common share until April 30, 2012. The warrants are subject to an acceleration clause such that, in the event that the closing price of the common shares for any 20 consecutive day trading period is equal to or greater than $0.80, the Company shall have the right to force conversion of the Warrants, failing which the Warrants will expire.

In connection with the private placement, Maya paid to brokers a commission consisting of a cash payment of $26,350 and 73,775 units. Each unit having the same other terms and conditions as the units issued in the private placement.

The Company anticipates that the final closing of the $2 million private placement will take place in the coming days. Proceeds of the private placement will be used to fund ongoing exploration and development program at the Amizmiz gold and silver project in Morocco, to continue evaluating possible acquisitions and for general working capital.

All securities issued by Maya pursuant to the private placement are subject to a four-month hold period, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The first closing of the private placement has increased the number of outstanding common shares of Maya to 28,463,129.

ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian Mining Company, newly listed on the TSX Venture Exchange that focuses on the exploration and development of gold and silver deposits. The Company is committed to developing and adding value to its primary property, Amizmiz gold and silver project in Morocco.

For further information on Maya visit www.mayagoldsilver.com or contact:

 

Maya Gold & Silver Inc.:

Rejean Gosselin
Chairman and Chief Executive Officer
T: 514-868-9995
rgosselin@mayagoldsilver.com

or

Guy Goulet
President
T: 514-868-9995
C: 514-294-7000
ggoulet@mayagoldsilver.com

 

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 release.

Forward-looking statements
Except for statements of historical fact, all statements in this news release, without limitation regarding new project acquisitions future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.




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