Maya Gold & Silver Completes $1 Million Private Placement
Directors and officers of Maya, subscribed for $200,000 into this private placement and purchased 800,000 units in the Company. The participation of such subscribers in the Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101"), but Maya was exempt from both the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the Offering as neither the fair market value of the securities issued, nor the consideration for such securities, in so far as it involves interested parties, exceeded 25% of Maya's market capitalization as calculated pursuant to MI 61-101.
All securities issued under the placement are subject to a four-month hold period. After taking into consideration this private placement, the Company has a total of 33,130,596 common shares issued and outstanding.
The net proceeds will be used to continue the drilling program and to pursue some adits through the AZ-5 and TRNA zones in order to complete some metallurgical testing.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian Mining Company, listed on the TSX Venture, which 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.mayagoldandsilver.com.
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.
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.
For more information, please contact
Maya Gold & Silver Inc.
Guy Goulet
President and Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com