Mr. Guy Goulet reports

MAYA CLOSES SECOND TRANCHE OF THE CONVERSION OF CONVERTIBLEDEBENTURES

Further to its news releases dated Aug. 9, 2015, and July 23, 2015, Maya Gold & Silver Inc. has closed the second tranche of the conversion of outstanding convertible debentures and accrued interest.

The corporation issued 12,857,143 common shares of its capital stock at a price of 28 cents per share, for the second closing conversion of outstanding convertible debentures in principal amount of $3.6-million of $10.5-million issued in 2013 and 2014. Each debenture share is accompanied by a common share purchase warrant which entitles its holder to subscribe one common share of the corporation at any time on or before 5 p.m. Montreal time on July 15, 2018, at a price of 35 cents per share. The corporation may accelerate the expiry time of the warrants if, at any time, the weighted average trading price of the common shares of the corporation listed on the exchange is equal to or above 70 cents per share for a period of 20 consecutive trading days.

Furthermore, the corporation issued 335,344 common shares for the conversion of all accrued and unpaid interest as of July 15, 2015, at a price of 25 cents per share with no warrant attached for an amount of $83,836.

All securities issued in connection with the conversion are subject to a statutory hold period of four months and one day, expiring on Jan. 3, 2015.

"We are extremely pleased with the response and vote of confidence from our debenture holders," stated Guy Goulet, chief executive officer. "The fact that over 70 per cent of these debts were converted into equity is a strong endorsement and their shared vision in the future of the corporation."

In the exchange for the two tranches of the conversion for a total amount of $7.45-million, together with the conversion of all accrued and unpaid interest ($305,359) as of July 15, 2015, the corporation issued a total of 27,733,641 common shares and issued 27,398,297 warrants. After the conversion, 156,876,116 common shares of the corporation are issued and outstanding.

We seek Safe Harbor.