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
  Article Comments Comment this article Rating Follow Company  
Keywords :   Gold | Market | Morocco | Report | Silver | Silver Mine |

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.


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:


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.


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
Data and Statistics for these countries : Morocco | All
Gold and Silver Prices for these countries : Morocco | All

Maya Gold & Silver

ISIN : CA5778381056
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Maya Gold & Silver is an exploration gold and silver company based in Canada.

Its main exploration properties are AMIZMIZ in Morocco and BALUARTE in Mexico.

Maya Gold & Silver is listed in Canada. Its market capitalisation is CA$ 71.7 millions as of today (US$ 55.7 millions, € 47.8 millions).

Its stock quote reached its highest recent level on December 10, 2010 at CA$ 0.62, and its lowest recent point on February 03, 2017 at CA$ 0.10.

Maya Gold & Silver has 210 880 000 shares outstanding.

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
6/11/2015June 11th, 2015 Maya Gold & Silver provides an update on its...
3/10/2015Reports 2014 Productions and Provides 2015 Outlook
3/29/2011(Amizmiz)Acquires the Azegour Mine and Consolidates Position South of...
Corporate news of Maya Gold & Silver
7/14/2016July 14th, 2016 Zgounder Silver Mine Poured 42,998 ounces (1...
7/14/2016Zgounder Silver Mine Poured 42,998 Ounces (1337 kg) of Silve...
7/11/2016July 7th, 2016 Maya Gold & Silver Completes CAD1.3 Million N...
7/7/2016Maya Gold & Silver Completes CAD1.3 Million Non-Brokered Pri...
6/23/2016June 23rd, 2016 Maya Gold & Silver Annual Meeting: Voting Re...
6/23/2016Maya Gold & Silver Annual Meeting: Voting Results on Electio...
6/8/2016June 8th, 2016 Zgounder Silver Mine Poured 46,270 Ounces (14...
6/8/2016Zgounder Silver Mine Poured 46,270 Ounces (1439 kg) of Silve...
5/31/2016Maya Gold & Silver Summarizes Activities of 2016
5/17/2016May 13th, 2016 Zgounder Silver Mine Poured 38,902 ounces (12...
5/13/2016Maya Gold & Silver Inc.: Zgounder Silver Mine Poured 38,902 ...
4/8/2016April 8th, 2016 gounder Silver Mine Poured 46,522 ounces (14...
4/8/2016Zgounder Silver Mine Poured 46,522 ounces (1447kg) of Silver...
3/25/2016March 24th, 2016 Maya Gold & Silver Closes CAD3.65M Private ...
3/24/2016Maya Gold & Silver Closes CAD3.65M Private Placement and Dra...
3/7/2016Maya Gold & Silver: Zgounder Silver Mine Poured 1,280.4 kg (...
2/9/2016Zgounder Silver Mine Produces Monthly Record of 52,086 ounce...
1/13/2016January 13th, 2016 Zgounder Silver Mine Produces Monthly Rec...
1/13/2016Zgounder Silver Mine Produces Monthly Record 47,676 Ounces A...
10/22/2015October 20th, 2015 Maya Gold & Silver Announces Minimum CAD2...
10/22/2015Maya Obtains Five Strategic Exploration Permits in The Zgoun...
10/1/2015October 1st, 2015 Maya Gold & Silver Provides New Drill Resu...
10/1/2015Maya Gold & Silver Provides New Drill Results. Drilling Inte...
9/30/2015September 25th, 2015 MAYA COMPLETES EQUITY FINANCING
9/25/2015Maya Completes Equity Financing
9/23/2015September 23rd, 2015 Maya Gold & Silver announces the finali...
9/23/2015Maya Gold & Silver Announces the Finalization of a USD6M Loa...
9/3/2015September 3rd, 2015 MAYA CLOSES SECOND TRANCHE OF THE CONVER...
8/5/2015August 5th, 2015 Maya Closed First Tranche of the Conversion...
7/30/2015July 30th, 2015 Maya to Sign an Agreement for USD6M Financin...
7/30/2015Maya Gold & Silver to Sign an Agreement for USD6M Financing ...
7/29/2015July 29th, 2015 Maya Provides Drill Results at Zgounder: Dri...
7/29/2015Maya Gold & Silver Provides Drill Results at Zgounder: Drill...
7/23/2015July 23rd, 2015 Maya Debentures’ Holders convert CAD7.75 M i...
7/23/2015Maya Debentures' Holders Convert CAD7.75 M Into Equity; Maya...
6/11/2015IIROC Trading Resumption - MYA
6/11/2015Maya Gold & Silver Provides an Update on its Drilling Progra...
6/11/2015IIROC Trading Halt - MYA
5/11/2015May 8th, 2015 Maya Gold & Silver: Financial Update
5/8/2015Maya Gold & Silver: Financial Update
4/21/2015Maya Gold & Silver to Start Drilling at Zgounder
4/9/2015April 9th, 2015 Maya Gold & Silver Produced 35,912 Ounces of...
4/9/2015Produced 35,912 Ounces of Silver at Zgounder in March 2015
4/9/2015Maya Gold & Silver Produced 35,912 Ounces of Silver at Zgoun...
3/23/2015Maya Gold & Silver Completes CAD1.2 Million Non-Brokered Pri...
3/23/2015Completes CAD1.2 Million Non-Brokered Private Placement Excl...
3/13/2015March 13th, 2015 Maya Gold & Silver Reports 2014 Production ...
3/10/2015Maya Gold & Silver Reports 2014 Productions and Provides 201...
12/18/2014December 17th, 2014 Zgounder Silver Mine Poured 1,044 kg (33...
12/17/2014Zgounder Silver Mine Poured 1,044 kg (33,565 Ounces) of Silv...
11/19/2014November 19th, 2014 Zgounder Silver Mine Poured 945.5 kg (29...
11/19/2014Zgounder Silver Mine Poured 945.5 kg (29,409 ounces(i)) of S...
10/8/2014Zgounder Silver Mine Produced 796 kg (25,591 Ounces) of Silv...
9/18/2014Maya Gold & Silver Inc.: Shareholders Exercise $2 Million Wo...
9/17/2014Maya Gold & Silver Inc.: Zgounder Ramping Up, 484 kg (15,434...
8/28/2014Maya Gold & Silver Announces First Silver Pour at Zgounder S...
8/15/2014Maya Gold & Silver Clarifies Press Release dated July 22nd, ...
7/22/2014Maya Gold & Silver: Operations Started at Zgounder Silver Mi...
7/3/2014Maya Gold & Silver Annual Meeting: Voting Results on Electio...
5/22/2014Maya Gold & Silver Announces First Mineral Reserves at Zgoun...
5/13/2014Maya Gold & Silver Provides Update on Zgounder Production, A...
3/28/2014March 28th, 2014 Maya Gold & Silver Completes CAD 10 M Finan...
3/28/2014Maya Gold & Silver Completes CAD 10 M Financing
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 $3 Million Private Placement
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.340
11/01 11:15 0.020
Prev close Open
0.320 0.320
Low High
0.320 0.340
Year l/h YTD var.
0.120 -  0.400 142.86%
52 week l/h 52 week var.
0.110 -  0.400 183.33%
Volume 1 month var.
132,200 -4.23%
24hGold TrendPower© : -37
Explores for Gold - Silver
Interactive chart Add to compare
Print Compare Export
Last updated on : 11/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.19-2.56%Trend Power :
announces expected non-cash impairment
AU$ 4.58+1.78%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 3.57+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.88+3.05%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.18+6.06%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.66+1.54%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 2.05+3.02%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 4.00-2.44%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.16+10.71%Trend Power :
Closes Bridge Loan Financing
CA$ 2.90-2.36%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 4.58-0.33%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.14+3.00%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.08+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 1.07+5.94%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 0.55+5.77%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 38.02+2.81%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.16+0.00%Trend Power :