Maya Gold & Silver Inc.

Maya Gold & Silver Inc.

June 29, 2009 10:12 ET

Maya Gold & Silver Inc. Closes the Second Tranche of a Private Placement

MONTREAL, QUEBEC--(Marketwire - June 29, 2009) - MAYA GOLD & SILVER INC. (TSX VENTURE:MYA) ("MAYA" or the "Corporation") is pleased to announce that it has closed the second tranche of a private placement by the issuance of 1,351,500 units at an issue price of $0.35 per unit for total gross proceeds of $473,025. Each unit is comprised of one common share and one half of one common share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of $0.50 at any time until thirty-six months from the closing date.

The net proceeds of the private placement will be invested on the Amizmiz property in Morocco, subject to final approval of the TSX Venture Exchange. A portion of the proceeds will also be used for general working capital purposes.

The private placement is subject to the final approval of the TSX Venture Exchange and of the regulatory authorities having jurisdiction on the Corporation's securities. The securities issued in connection with the private placement are subject to certain resale restrictions which require that the securities not be traded for a period of four months expiring on October 24, 2009.

A finder's fee might be payable in connection with the private placement.

Directors and Officers

At the Annual and General Meeting of Shareholders held on June 17, 2009, Messrs. John G. Booth, Rene Branchaud, Rejean Gosselin, Guy Goulet, Mackenzie I. Watson and Martin Wong were reelected, and Mr. F. Roland Wismer elected as directors.

Mr. F. Roland Wismer obtained a MBA from the European School of Management (Wirtschaftsfachhochschule) of Cologne in Germany and he completed postgraduate studies in Export Business at the Vienna University of Economics and Business in Austria. He has over 20 years of experience as head of finance and director for Commercial Metals Company.

Following the Annual and General Meeting, Mr. Rejean Gosselin was elected Chairman of the Board of Directors and appointed Chief Executive Officer while Mr. Guy Goulet was appointed President of the Corporation. Ms. Ghislaine Godin was appointed Chief Financial Officer.


Maya Gold & Silver Inc. is a Canadian mining company newly listed on the TSX Venture Exchange which focuses on the research of gold and silver deposits.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.

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