MAYFAIR GOLD CORP. (MFGCF) Form 6-K — Oct 1, 2026
Mayfair Gold announced a C$310 million financing package for its 100%-owned Fenn-Gib Gold Project in Timmins, Ontario, comprising a C$10 million strategic equity investment from Macquarie at C$4.26 per share — a 10% premium to the 5-day VWAP — plus a proposed C$300 million project finance facility. The non-binding Macquarie term sheet includes a C$25 million early drawdown tranche, pricing at Adjusted Term CORRA plus 4.75% (stepping down to plus 4.25% after project completion), quarterly repayment starting six months after commercial production, and a gold offtake covering the first 50,000 ounces per year up to 300,000 ounces at reference price less US$50/oz.
Key figures
- Offtake
- First 50,000 oz gold per year to Macquarie, max 300,000 oz, at reference price less US$50/oz
- Repayment
- Quarterly repayments starting 6 months after commercial production; full repayment within 72 months of initial drawdown
- Equity price
- C$4.26 (10% premium to 5-day VWAP)
- Interest rate
- Adjusted Term CORRA + 4.75% per annum, stepping down to Adjusted Term CORRA + 4.25% after project completion
- Equity investment
- C$10 million
- Early drawdown tranche
- C$25 million
- Total financing package
- C$310 million
- Project finance facility
- C$300 million (inclusive of up to C$20 million capitalized interest)
- Minimum lender participation
- 30% of Facility
- Estimated development capital
- C$450 million
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