Chart usGOLD   Chart usSILVER  
 
Food for thought
Inflationism is the oldest of all fallacies
Ludwig Von Mises  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1216.728.74
Silver 17.310.36
Platinum 1279.50-14.30
Palladium 775.605.35
WORLD MARKETS
DOWJONES 16863-177
NASDAQ 4444-49
NIKKEI 16082-91
ASX 533538
CAC 40 4365-51
DAX 9382-92
HUI 1983
XAU 821
CURRENCIES (€)
AUS $ 1.4437
CAN $ 1.4088
US $ 1.2610
GBP (£) 0.7780
Sw Fr 1.2069
YEN 137.7850
CURRENCIES ($)
AUS $ 1.1449
CAN $ 1.1171
Euro 0.7930
GBP (£) 0.6170
Sw Fr 0.9571
YEN 109.2680
RATIOS & INDEXES
Gold / Silver70.29
Gold / Oil13.38
Dowjones / Gold13.86
COMMODITIES
Copper 3.04-0.02
WTI Oil 90.921.16
Nat. Gas 4.140.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Maya Gold & Silver Announces Closing of CAD 7.7M on Schedule to Pouring Silver Ingots in Q4-2013
Published : November 26, 2012
( 0 vote, 0/5 ) Print article
     
Tweet

MONTRÉAL, QUÉBEC--(Marketwire - Nov. 26, 2012) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (News - Market indicators) is pleased to announce, further to its news releases dated September 13, 2012 and November 5, 2012, the closing of the second tranche of its non-brokered private placement through the sale of 18,808,000 units (the "Units") at a price of CAD 0.25 per Unit, for gross proceeds to the Corporation of CAD 4,702,000. Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one-half of one common share purchase warrant of the Corporation; each whole common share purchase warrant (a "Warrant") entitling the holder thereof to purchase one additional Common Share at a price of CAD 0.35 per Common Share for a period of 24 months from the date of issuance, expiring on November 26, 2014. In the aggregate, the two tranches of the non-brokered private placement, together with the share exchange completed with Praetorian Resources Limited and announced by press release on July 12, 2012, have resulted in gross proceeds to Maya of CAD 7,702,000.

In connection with the second tranche closing, Maya paid a finder's fee to an arm's length third party in the amount of CAD 187,250, which represents 3,9% of the proceeds of the second tranche closing, and issued to such arm's length third party 70,000 Warrants.

A director and officer, as well as an insider of the Corporation subscribed for an aggregate of 1,100,000 units under the second tranche closing (the "Insider Participations"), constituting "related party transactions" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participations are exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that neither the fair market value of such Insider Participations nor the consideration paid by such persons exceeds 25% of Maya's market capitalization. Maya has not filed a material change report 21 days prior to the closing of the second tranche of the private placement as participation of the insiders had not been established at that time.

The private placement is subject to receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued in connection with the second tranche closing are subject to a statutory hold period of four months and one day, expiring on March 27, 2013.

The Corporation intends to use the net proceeds of the private placement mainly for the re-commissioning and further development of the Zgounder silver mine and to fund other commitments on Maya's properties in Morocco. Maya intends to release a more detailed corporate update to the market in the near future. Another press release will be issued later this week to specify on overall developments.

ABOUT THE ZGOUNDER SILVER MINE

Under care and maintenance since 1990, Zgounder has been Morocco's second most important silver mine after the Imiter world class silver mine, and shares several of its geological, structural and age characteristics. Both mines are located in the Anti-Atlas Late Precambrian "boutonnières" which constitute a fertile ground for precious and base metal mineralization near the South Atlasic fault.

The mine plant includes a well maintained cyanidation plant with a 250 t/day capacity.

A picture is available at the following address: http://media3.marketwire.com/docs/mya1126.jpg

Resources

First explored and exploited between the 10th and 13th centuries, the Zgounder silver deposit was mined from 1982 to 1990 from various EW-oriented underground adits and extracted 500,000 t of silver ore grading 330g/t Ag using a cut off grade of 150g/t Ag. In 1990 mining was halted, due to low silver prices. In 2004, an historical mineral resources* was set at 11.3 Million ounces (869,650 t @ 405.4 g/t Ag) with a strong potential to expand the deposit by systematic surface and underground drilling.

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by Maya Gold and Silver. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the CIM Definition Standards on Mineral Resources and Mineral Reserves. Maya Gold and Silver has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves. Therefore Maya Gold and Silver is in the opinion that the above quoted resources for the Zgounder silver deposit cannot be relied upon

Mr. Michel Boily, PhD., P.Geo from Geon Ltd., independent Qualified Person under NI43-101 standards, has reviewed this news release and is responsible for the technical information reported herein.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".

Forward-looking statements

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.

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.

Maya Gold & Silver Inc.
Guy Goulet
President and Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com
www.mayagoldsilver.com
Data and Statistics for these countries : Morocco | All
Gold and Silver Prices for these countries : Morocco | All
Tweet

Maya Gold & Silver

EXPLORATION STAGE
CODE : MYA.V
ISIN : CA5778381056
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Maya Gold & Silver
7/10/2013Announces Closing CAD 500,000 Convertible Debenture Financin...
11/5/2012Provides Update on CAD$7,500,000 Private Placement
9/13/2012Closes First Tranche of Private Placement for Gross Proceeds...
2/24/2011to Acquire 4 Mining Projects and Proceed With $3 Million Fin...
Nominations of Maya Gold & Silver
1/30/2013Announces Appointment of New President
6/13/2011Announces Board of Directors and Executive Officers
Project news of Maya Gold & Silver
3/29/2011(Amizmiz)Acquires the Azegour Mine and Consolidates Position South of...
Corporate news of Maya Gold & Silver
10/31/2013Intersected 1,494g/t Ag Over 18.6 Meters at its Zgounder Sil...
8/14/2013Announces Potential Quantity and Grade of 1,000,000 to 1,200...
7/19/2013on Boumadine Acquisition
6/5/2013Praetorian Resources Limited Announces Change in Holdings in...
4/23/2013s on Share Exchange with Praetorian Resources Limited and Gl...
3/4/2013Acquires the Boumadine Polymetalic Mine (Zn, Pb, Ag, Au) in ...
2/27/2013Completed Surface Exploration Campaign at Zgounder Project
2/25/2013to Attend PDAC 2013, in Toronto, Canada
2/13/2013Renewal and Exploration Update on Permit 233263 Adjacent to ...
2/6/2013Acquires the Touchkal Property in the Vicinity of the Zgound...
2/1/2013Announces Appointment of Chief Financial Officer and Amendme...
1/29/2013to Attend Investing in African Mining Indaba on February 4-7...
11/29/2012Publishes 3D Model and Information on the Zgounder Silver De...
11/27/2012to Attend Mines & Money 2012 on December 4-5, 2012 in London
11/26/2012Announces Closing of CAD 7.7M on Schedule to Pouring Silver ...
10/23/2012to Attend the Silver Summit on October 25-26, 2012 in Spokan...
10/16/2012Welcomes Eric Swenden to its Advisory Board
10/11/2012Engages FITB Communications to Target Secondary Markets
3/31/2011Acquires Permit 233263 Adjacent to the IMITER Silver Mine
3/22/2011amp; Silver Completes $3 Million Private Placement
3/22/2011Completes $3 Million Private Placement
3/4/2011amp; Silver Closes First Tranche of Private Placement
3/4/2011Closes First Tranche of Private Placement
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (MYA.V)
0.300+0.00%
TSX-V
CA$ 0.300
10/01 11:26 -
0%
Prev close Open
0.300 0.300
Low High
0.300 0.300
Year l/h YTD var.
0.240 -  0.510 20.00%
52 week l/h 52 week var.
0.230 -  0.510 25.00%
Volume 1 month var.
5,000 -16.67%
24hGold TrendPower© : -44
Produces
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
201425.00%0.380.24
2013-14.29%0.320.18
20123.70%0.320.18
2011-50.00%0.540.24
201025.58%0.620.18
 
5 years chart
 
3 months chart
 
3 months volume chart