Mayfair Gold CFO buys $254,040 in company shares

Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) completed a private placement with Chief Financial Officer Kevin Annett, according to a company statement.

Annett acquired 58,000 common shares at C$4.38 per share for total proceeds of C$254,040. The company said it expects to use the proceeds to advance its Fenn-Gib gold project in Ontario.

The shares are subject to a four-month and one-day hold period under securities laws and TSX Venture Exchange policies, expiring August 17, 2026.

The transaction qualified as a related party transaction under Multilateral Instrument 61-101 because Annett is a company insider. Mayfair relied on exemptions from formal valuation and minority shareholder approval requirements, stating the transaction's fair market value did not exceed 25% of the company's market capitalization when agreed upon.

The company did not file a material change report 21 days in advance because the private placement had not been confirmed at that time.

Mayfair Gold is developing the Fenn-Gib Project in the Timmins region of Northern Ontario. The company's pre-feasibility study outlined potential development capital of C$450 million with a base case payback period of 2.7 years, based on a US$3,100 per ounce gold price. The company aims to start construction in 2028 with initial production in 2030.

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