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Majestic Gold Corp. Announces Private Placement
Vancouver, British Columbia (FSCwire) - Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE:
A0BK1D) announces that it is proposing to sell by way of a non-brokered private placement up to 30 million units (“Units”) at a price of C$0.135 per Unit for gross proceeds of up to C$4,050,000 (the “Offering”). Each Unit will comprise one common share (a “Share”) of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable to acquire one additional Share at a price of C$0.155 per Share for a period of two years from the closing.
Proceeds from the private placement will be used to partially fund construction of housing for inhabitants of two villages that are in close proximity to the Songjiagou open pit operation and for general working capital purposes.
Village Relocation
Majestic’s subsidiary, Yantai Zhongjia Mining Co. Ltd. (“Zhongjia”), secured unanimous approval from residents of nearby Songjiagou and Fayunkang villages to relocate to a building site that is approximately two kilometers from the mine site. The two villages, both in close proximity to the active open pit at Songjiagou, include residences for about 240 families who are sustained by agriculture, primarily apple orchards. A third village was relocated several years ago to facilitate construction of the tailings disposal site.
The relocation plan became necessary when the size of the mine license was increased from 0.342 to 0.594 km² in the spring of 2015. Officials from the Company and its mining contractor have maintained a close relationship with representatives from the "New Village Relocation Construction Program," a government program that has encouraged village residential upgrading throughout the implementation of this program.
The development is comprised of six buildings, with sufficient capacity for up to 280 families. Construction of the buildings is currently ongoing, with completion slated for spring of 2017. A total of C$18.8 Million has been budgeted to complete the relocation project, with the Company’s share being about C$14.1 Million. Villagers who relinquish their village leases will retain access to their farmland in return for a 75-year condominium lease.
About Majestic Gold
Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. 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
Email: info@majesticgold.com
Website www.majesticgold.com