Maya Gold & Silver Inc.

Maya Gold & Silver Inc.

December 22, 2009 11:51 ET

Maya Gold & Silver Announces Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 22, 2009) - Maya Gold & Silver Inc. ("Maya" or the "Company") (TSX VENTURE:MYA) announced today its intention to complete a non-brokered private placement of up to 5,000,000 units (the "Units") at a price of $0.40 each for a gross proceeds of up to $2 million. Each Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.50 per Common Share until April 30, 2012. The Warrants will be subject to an acceleration clause such that, in the event that the closing price of the Common Shares for any 20 consecutive day trading period is equal to or greater than $0.80, the Company shall have the right to force conversion of the Warrants, failing which the Warrants will expire.

Under the financing the Company has agreed to pay to brokers as commission on certain subscriptions: (i) a cash amount up to 5% of the gross proceeds of the relevant subscriptions and an option to purchase within 24 months of the closing, at a price of $0.40 per Unit, the number of Units that is equal to 5% of the number of Units subscribed pursuant to these subscriptions.

It is not anticipated that any new insiders will be created, nor that a change of control will occur as a result of the private placement. The private placement is subject to regulatory approvals, including final approval by the TSXV. All securities issued pursuant to the private placement are subject to a 4-month hold period.

The proceeds of the private placements will be used to fund the Company's ongoing drilling program on its Amizmiz Project and for general corporate purposes. Untested high priority targets remain to be followed-up and a numerous rich gold and silver showings associated to strong IP anomalies discovered recently shall be tested in 2010.


Maya Gold & Silver Inc. is a Canadian Mining Company, newly listed on the TSX Venture Exchange that focuses on the exploration and development of gold and silver deposits. The Company is committed to developing and adding value to its primary property, Amizmiz gold and silver project in Morocco.

Neither the 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 release.

Forward-looking statements

Except for statements of historical fact, all statements in this news release, without limitation regarding new project acquisitions future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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