Non-brokered offering will fund 4,300-meter, 13-hole drilling program
By Devika Patel
Knoxville, Tenn., March 23 – Maya Gold & Silver Inc. said it settled a C$1.2 million non-brokered private placement of units.
The company sold 4.8 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole warrant is exercisable at C$0.50 for 18 months. The strike price represents a 127.27% premium to C$0.22, the March 20 closing share price.
Proceeds will be used for a 13-hole drilling program of at least 4,300 meters at the Zgounder Silver Mine in Morocco. The program will begin in May.
Based in Montreal, Maya Gold & Silver mines for base and precious metals.
| Issuer: | Maya Gold & Silver Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 4.8 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | March 23
|
| Stock symbol: | TSX Venture: MYA
|
| Stock price: | C$0.22 at close March 20
|
| Market capitalization: | C$28.2 million
|
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