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Maya Advises Private Placement and Debt Financing to Restart Zgounder Mine
Thursday , 21 Jun 2012 Maya Gold & Silver Inc.
Montreal, Quebec, June 19, 2012 – Maya Gold & Silver Inc. (“Maya” or the “Corporation) (TSXV: MYA) announced its intention to complete a non-brokered private placement of up to 30,000,000 units (the “Units”) at a price of CAD 0.25 per Unit for aggregate gross proceeds to the Corporation of up to CAD 7,500,000 (the “Private Placement”). Each Unit will consist of one common share in the capital of the Corporation (a “Common Share”) and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle 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 closing of the Private Placement.
The Private Placement is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
The Corporation also announced its intention to complete a non-brokered debt financing for aggregate gross proceeds to the Corporation of up to CAD 8,000,000 (the “Debt Financing”). The terms and conditions of the Debt Financing remain to be negotiated with the proposed lenders.
The Corporation intends to use the net proceeds of the Private Placement and the Debt Financing for the re-commissioning and further development of the Zgounder silver mine and the adjacent mineral deposit, in Morocco.
Subsequent to year end, the Corporation had previously completed CAD 4,770,000 of financing to support its pipeline of projects in Morocco.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining Company focused on the exploration and development of gold and silver deposits in Morocco. The Company’s shares trade on the TSX Venture Exchange under the symbol “MYA”.
For further information on Maya visit www.mayagoldsilver.comor contact:
Maya Gold & Silver Inc/.:
Guy Goulet
President & Chief Executive Officer
T: 450-435-0700 ext. 204
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.
