11:07 AM EDT, 09/16/2025 (MT Newswires) -- Mayfair Gold ( MFGCF ) Tuesday said it has raised $40 million in its private placement, issuing 24.2 million units at $1.65 each.

Proceeds from the listed issuer financing exemption (LIFE) offering will be used to advance the Fenn-Gib gold project in Timmins, Ontario, for the next two years, the company said.

Mayfair reported that Oaktree Capital Management participated in the offering, acquiring 9 million shares for $14.85 million, for a 6.7% stake in the capital of the company.

"This is a major derisking event for the company, which allows us to deliver the upcoming pre-feasibility study for the Fenn-Gib gold project, begin detailed engineering in 2026 and advance provincial permitting and engagement activities with the target of being fully permitted in 2028," said chief executive Nicholas Campbell.

"This financing also gives Mayfair the financial flexibility to consider an exploration program in the southern block, located within 5 kilometers of the Fenn-Gib project site and on trend from multiple deposits and mines."

Mayfair Gold ( MFGCF ) is up $0.04, to $2.05, on the TSX Venture Exchange.

Price: 2.05, Change: +0.04, Percent Change: +1.99