MEADOW BAY GOLD CLOSES SECOND TRANCHE FUNDING With Total Raised Exceeding $1 . 1 Million Drilling to Commence Shortly
Vancouver, BC – August 27, 2015 – Meadow Bay Gold Corporation (“Meadow Bay Gold” or the “Company”) (TSX:MAY) (OTCQB:MAYGF) (Frankfurt: 20M, WKN A1C3DN) has closed the second tranche of its private placement financing consisting of 2,360,000 units for gross proceeds of $472,000 priced at $0.20 per unit. Each unit consists of one common share and one common share purchase warrant exercisable at $0.25 per share for a period of two years. Finder’s fees amounting to 7% of the proceeds were paid and 135,450 broker warrants were issued to Canaccord Genuity and First Republic Capital in connection with the funding. The proceeds will be used for ongoing exploration activities.
The Company also announces the appointment of Lance Morginn of Vancouver as a director effective immediately. Mr. Morginn as be involved in the start-up of over 10 public companies during his career.
Meadow Bay Gold Corp is focused on developing the former producing Atlanta Gold Mine in Nevada. Prior drilling confirmed a resource on the Atlanta Shear Zone and resulted in the discovery of disseminated mineralization in the Atlanta Porphyry. Further details including the results of a NI 43-101 resource estimate prepared by Gustavson Associates LLC are available on the Company’s website at www.meadowbaygold.com.
For further information please contact:
Meadow Bay Gold Corporation
Christopher Crupi, CEO
Charles “Bill” Reed, Director
Matthew Harrington, Launch IR
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the calculation of a new mineral resource estimate.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and silver; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.