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Mcfarlane Lake Announces 10% Upsize and Closing of Previously Announced Private Placement
Toronto, Ontario--(Newsfile Corp. - April 14, 2023) - McFarlane Lake Mining Limited (NEO: MLM) (O...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"Mcfarlane Lake Announces 10% Upsize and Closing of Previously Announced Private PlacementToronto, Ontario--(Newsfile Corp. - April 14, 2023) - McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) (\"McFarlane Lake\" or the \"Company\"), a Canadian gold exploration and development company, is pleased to announce that due to strong investor demand, today, it upsized and closed its previously announced non-brokered private placement offering (the \"Offering\") for aggregate gross proceeds of C$1,100,500. In connection with the Offering, the Company issued 7,285,000 units (\"Units\") at a price of C$0.10 per Unit and 3,100,000 flow-through shares (\"FT Shares\") at a price of C$0.12 per FT Share. The FT Shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\").Each Unit consisted of one common share of the Company (each, a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable by the holder to acquire one Common Share at a price of C$0.20 per Common Share until April 13, 2026.McFarlane Lake will utilize the net proceeds from the Offering to further explore the Company's High Lake property, as well as for general working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Tax Act (the \"Qualifying Expenditures\"). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2023. The Company paid finders' fees totalling C$19,410 in cash to certain finders in connection with the Offering. Certain insiders of the Company subscribed for approximately $133,000 worth of Units in the Offering. This participation by insiders constitutes \"related party transactions\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions (\"MI 61-101\"). The Company has relied on applicable exemptions from the formal valuation and minority approval requirements in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101. No new insiders were created, nor has there been any change of control, as a...