MEADOW BAY GOLD RECEIVES SHAREHOLDER APPROVAL AND CLOSES PRIVATE PLACEMENT; RESULTS FROM VOTING FOR THE ELECTION OF DIRECTORS AT AGM; CHANGES IN DIRECTOR AND OFFICER

By on Jul 27, 2016 in News |

Vancouver, BC – July 27, 2016 Meadow Bay Gold Corporation (“Meadow Bay Gold” or the “Company”) (TSX: MAY) (OTCQB: MAYGF) (Frankfurt: 20M, WKN A1C3DN) announces the closing of the the non-brokered private placement financing (the “Private Placement”) announced in the Company’s news release dated June 29, 2016, consisting of the sale of 5,949,849 Units (“Units”) at a price of $0.06 per Unit, raising gross proceeds of $356,990.94. Each Unit consisted of one common share of the Company and one warrant (a “Warrant”) exercisable to purchase an additional common share of the Company at a price of $0.07 per share for a period of five years.

The Company paid finder’s fees in the amount of $10,149.37 in cash and issued 169,156 finder’s warrants (“Finder’s Warrants”) in respect of a portion of the Private Placement. Each Finder’s Warrant entitles the holder to purchase one common share of the Company at a price of $0.07 per share for a period of five years.

The Company received shareholder approval for the Private Placement as required by the policies of the Toronto Stock Exchange at the Company’s Annual General Meeting held on Wednesday, July 20, 2016 (the “Meeting”).  Net proceeds from the Private Placement will be used for general working capital

The Company further announces the voting results for the election of directors at the Meeting.  A total of 13,723,251 common shares, representing 16.31% of the issued and outstanding common shares of the Company, were represented at the Meeting, which common shares were voted with respect to the election of directors as follows:

Nominee For Withheld
Christopher Crupi 99.78% 0.22%
Robert Dinning 99.78% 0.22%
Adrian Robertson 99.77% 0.23%
Charles William (Bill) Reed 99.78% 0.22%
Jordan Estra 99.78% 0.22%
Lance Morginn 99.78% 0.22%

The Company also announces that following the Meeting, Lance Morginn has resigned as a director of the Company and that Keith Margetson has assumed the role of Corporate Secretary in addition to acting as Chief Financial Officer of the Company.

For further information please contact:

Meadow Bay Gold Corporation www.meadowbaygold.com

Robert Dinning, Chairman and Director
Tel: 604-641-4450

Matthew Harrington, Launch IR
Tel: 613-882-7467

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 press release.

This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of Canadian securities laws. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Meadow Bay’s  expectations include the need to satisfy the conditions set forth in any agreement entered into in connection with the Desert Hawk transaction and the equity financing; the need to satisfy regulatory and legal requirements with respect to the Desert Hawk transaction and the equity financing; risks related to the exploration stage of Meadow Bay’s projects; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.  Trading in the securities of Meadow Bay should be considered highly speculative.  Meadow Bay does not intend, and does not assume any obligation, to update any forward-looking statements, other than as required by applicable law.

The press release makes reference to historical estimates.  The historical estimates are by definition herein not NI 43-101 compliant and are included herein in for historic context and completeness. There can be no assurances that any of the historical estimates will be able to be categorized as a NI 43-101 compliant resource or reserve category or demonstrate any economic viability. Investors are cautioned not to rely on the historical estimates when making their investment decisions.