Maya Gold & Silver: Settlement with Holders of Debentures Maturing at the end of 2013 and Updates on Private Financing
10 Febrero 2014 - 2:50PM
Marketwired
Maya Gold & Silver: Settlement with Holders of Debentures
Maturing at the end of 2013 and Updates on Private Financing
MONTREAL, QUEBEC--(Marketwired - Feb 10, 2014) - Maya Gold &
Silver Inc. ("Maya" or the "Corporation") (TSX-VENTURE:MYA)
announces that further to its news release dated January 7, 2014,
Maya issued, 6,760,000 common shares of its capital stock
("Shares") at CAD 0.25 per share, in reimbursement of debentures in
principal amount of CAD 1,690,000 issued in 2011 and 2012 with a
maturity date of December 31, 2013 (the "Debentures"). The Shares
are subject to a statutory hold period of four months and one day
from the date of issuance in accordance with applicable securities
legislation.
As part of the settlement, one director of Maya, received 80,000
Shares for the reimbursement of Debentures in principal amount of
CAD 20,000, which constitutes a "related party transaction" as
defined under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101″).
The transaction is 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 the fact that neither the fair market value of the Shares
issued nor the consideration paid exceeds 25% of Maya's market
capitalization.
Update on CAD 10 M
Placement
Further to its news release dated November 20, 2013, the
Corporation announces today that it is pursuing its previously
announced non-brokered private placement of up to CAD 10,000,000
aggregate principal amount of 8% unsecured convertible debentures
of Maya (the "Debentures"). Maya expects to close the Private
Placement within the next two weeks and will issue a further news
release at such time. Further details on the Private Placement can
be found in Maya's press releases dated November 20, 2013.
Maya further announces the closing of a second tranche of
Debentures for a capital amount of CAD 600,000. Maya agreed to pay
a 3.4% finder's fee in relation with this second closing.
Under the second tranche closing, Praetorian Resources Limited,
an insider of the Corporation, subscribed CAD 200,000 (the "Insider
Participation"), which constitutes a "related party transaction" as
defined under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101″). The Insider Participation is 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 the fact that neither the fair market value
of such Insider Participation nor the consideration paid by such
insider 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
insider had not been established at that time.
With the closing of the second tranche, Maya has now issued CAD
2,100,000 of Debentures maturing on the date that is 36 months
following the date of issue (the "Maturity Date"). On Maturity
Date, the Debenture holders will have the option to receive: (i)
cash; or (ii) common shares of Maya, at a conversion price equal to
CAD 0.35 per common share; or (iii) silver ingots produced from the
Zgounder mine at the option of the holders at a price per ounce of
silver equal to (a) the spot market price of silver or (b) $US18
per ounce. Interests on the Debentures will be payable
quarterly.
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. Maya recently initiated mining
operations at Zgounder mine. The Corporation's shares trade on the
TSX Venture Exchange under the symbol "MYA".
Neither 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.
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.
Maya Gold & Silver Inc.Guy GouletChief Executive OfficerT:
450-435-0700 ext.
204ggoulet@mayagoldsilver.comwww.mayagoldsilver.com
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