VANCOUVER, BC, May 20, 2022 – MAS Gold Corp. (“MAS Gold” or the “Company”) – (TSXV: MAS) is pleased to announce the closing of the first tranche of a non-brokered private placement financing (the “Private Placement”) of units (the “Units”).The Company issued 21,625,000 Units of the Company at a price of $0.08 per Unit for proceeds of $1,730,000. The Company is expecting to close the second and final tranche in June, 2022.
Each Unit consists of one common share (a “Common Share”) and one (1) Common Share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price of $0.20 for 24 months after the closing of the Private Placement,subject to early expiry if, commencing four months after the closing of the Private Placement, the daily volume weighted average trading price of the Common Shares exceeds $0.30 for 10 consecutive trading days.
MAS Gold will pay finder’s fees on a portion of the Offering in accordance with applicable securities laws and the policies of the TSXV. The finder’s fee is 7% in cash and 7% in warrants.
MAS Gold intends to use the net proceeds from the Private Placement to assist the Company in advancing its portfolio of prospective projects as well as, working capital requirements and other general corporate purposes.
MAS Gold’s CEO Jim Engdahl commented: “I am extremely pleased that we have been able to close the first tranche of the financing over our expected minimum, largely due to the investment of the Company’s Management, insiders, and Board members taking up the majority of this tranche. The current markets are extremely bearish, and the closing of this first tranche demonstrates strong shareholder support for the company’s strategies in achieving their objectives of expanding its gold resources. Additional results from our winter drill program are expected in the near term which we believe that will also assist the Company in reaching its exploration and development objectives.”
The Private Placement is subject to the final acceptance of the TSXV. The securities issued via the placement subject to a statutory four month and one day hold period.
About MAS Gold Corp.
MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, MAS Gold Corp. operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization. MAS Gold’s NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke deposit is available on SEDAR and on MAS Gold’s website: www.masgoldcorp.com.
On behalf of the Board of Directors of MAS Gold Corp.,
Jim Engdahl, President & CEO
This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities in any jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The securities offered under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. Person (as defined in Regulation S of the Securities Act) or a person in the United States, unless an exemption from such registration requirements is available.
MAS Gold Corp.
Suite 420 – 789 West Pender Street
Vancouver, British Columbia
Canada, V6C 1H2
For more information, please contact:
Lubica Keighery, VP Corporate Development
Cautionary Notice on Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to MAS Gold’s limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, MAS Gold undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.