Financing ·
Macquarie Bank provides C$310M financing package for Mayfair Gold's Fenn-Gib Project
MFGCDMayfair Gold Corp.
Mayfair Gold Corp. announced a C$310 million strategic financing package with Macquarie Bank Limited to support the development of its Fenn-Gib Gold Project in Northern Ontario. The deal includes a C$10 million equity investment priced at C$4.26 per share and a non-binding engagement letter for a C$300 million project finance facility, inclusive of up to C$20 million capitalized interest. The debt carries an interest rate of CORRA plus 4.75%, stepping down to 4.25% post-completion, with quarterly repayments commencing six months after commercial production begins. Macquarie also secured gold offtake rights for the first 300,000 ounces produced at a reference price less US$50 per ounce. This financing targets the C$450 million initial development capital estimated in the company's 2026 Pre-Feasibility Study. Mayfair Gold Corp. is a Canadian development-stage gold mining company focused on advancing its Fenn-Gib project.