Maya Gold& Silver Inc. said July 7 that it has raised C$1.3 million in anon-brokered private placement through the issuance of 10,300,000 units at 13cents apiece.

Each unit consists of 1 common share and 1 common sharepurchase warrant, which entitles the holder to purchase 1 additional commonshare at 17 cents until June 30, 2019.

Proceeds from the private placement will be used to continuethe company's exploration and development at the Zgounder silver mine and gold-silver-zinc-leadproject, and for general working capital purposes.

The private placement was one of the prerequisites todraw down theremaining US$1.5 million loan facility from the European Bank forReconstruction and Development.