PRESS RELEASESee all press releases
Maya Gold & Silver Completes $1.5 million Private Placement of Units, Launches Engineering Works at Amizmiz and will File the NI 43-101 Report on January 28, 2011
Montreal, Quebec, November 30, 2010 – Maya Gold & Silver (TSX-V: MYA) (“MAYA” or the “Company”) (TSX-V: MYA) announced today that it has closed the non-brokered private placement (the “Private Placement”) previously announced on October 19, 2010. The Company has raised $1,525,000 through the issuance of 5,446,428 units at a price of $0.28 per unit. Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.40 per Common Share during 24 months following the closing. 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 $0.60, the Company shall have the right to force conversion of the Warrants, failing which the Warrants will expire.
All securities issued under the private placement are subject to a four-month hold period. After taking into consideration this private placement, the Company has a total of 40,577,024 common shares issued and outstanding.
TIn connection with the private placement, Maya paid finders fees of $84,440 to third parties, including $72,680 in cash and $11,760 in units, for efforts in locating investors to complete the placement. Each unit having the same other terms and conditions as the units issued in the private placement.
Maya intends to use the financing net proceeds to initiate capital infrastructural investments in view of the pre-production program, where initial engineering works have begun, field exploration commitments, planning of next phase of exploration program and working capital. Initial engineering works with respect to pre-production program has already begun. The Company informs that an update on its exploration campaign will be published early next week.
Following the October 19, 2010 press release whereby the company reported on an initial resources calculation as performed internally, for the AZ-5, AZS, AZB, TRNA and TRNC structures at its Amizmiz project in Morocco, the Company was to file a NI43-101 report within a 45 day period. Due to unforeseen circumstances, principally consultants’ agendas, the Company will not be able to meet the filing deadline requirement. It however expects filing of such report, to be made on January 28, 2011.
Maya Gold & Silver Inc. is a Canadian Mining Company, 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.:
President & Chief Executive Officer
T: 450-435-0700 ext. 204
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.
This release may contain forward-looking statements including management’s assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Statements about the resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability.