MAJESTIC GOLD CORP. CLOSES PRIVATE PLACEMENT
Vancouver, British Columbia – February 9, 2018 – Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D) is pleased to announce that the Company has closed its non-brokered private placement financing (the “Offering”) announced on January 25, 2018, for total proceeds of $9,708,738 by the issuance of 64,729,919 common shares at $0.15 per common share.
In connection with the Offering, the Company paid aggregate finder’s fee to two arms-length individuals who introduced it to private placement investors by issuing 3,236,246 common shares.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on June 9, 2018.
The Company intends to use the proceeds from the Offering for general working capital, to advance the Company’s projects, and to fund possible acquisitions. The Company also plans to explore direct financing of its Chinese subsidiary through an Asian Market facility, with a possible separate listing of the subsidiary’s shares on an Asian exchange.
Currently focused solely in China, Majestic is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Majestic holds a 70.5% interest in the Songjiagou Gold Mine through a Chinese subsidiary. Additional information on the Company and its projects is available at www.sedar.com and on the Company’s website at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P. Geo., President, CEO & Director Telephone: (604) 560-9060
photo credit: Majestic Gold