VANCOUVER – Mayfair Gold Corp. (TSXV:MFG) (NYSE American:MINE) completed a private placement with Kevin Annett, the company’s Chief Financial Officer, according to a press release statement.
Annett acquired 58,000 common shares at C$4.38 per share for total proceeds of C$254,040. The company stated it expects to use the proceeds to advance the Fenn-Gib gold project in Ontario.
The shares are subject to a hold period of four months and one day under applicable securities laws and TSX Venture Exchange policies, expiring on August 17, 2026.
The transaction qualified as a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the transaction did not exceed 25% of the company’s market capitalization at the time of agreement.
Mayfair Gold did not file a material change report 21 days in advance of the closing, stating the private placement with the insider had not been confirmed at that time.
Mayfair Gold is a Canadian development-stage company focused on the Fenn-Gib Project in the Timmins region of Northern Ontario. The company’s pre-feasibility study outlined initial development capital of C$450 million. The company has stated it aims to start construction in 2028 with initial production in 2030.
In other recent news, Mayfair Gold Corp. has announced a definitive agreement to acquire three exploration properties from Plato Gold Corp. for C$2.5 million in cash. The properties involved in this transaction are the Guibord, Marriott, and Holloway properties, which are located near Mayfair’s existing Fenn-Gib Gold project east of Timmins, Ontario. This acquisition will increase Mayfair’s land holdings in the region by more than 65%. These developments reflect Mayfair’s strategic efforts to expand its presence in the area. The acquisition is expected to enhance the company’s exploration potential. The transaction underscores the company’s commitment to strengthening its portfolio. These recent developments are part of Mayfair Gold’s ongoing growth strategy.
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