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McFarlane Lake Announces Closing of Final Tranche of Upsized $1.3 Million Private Placement Offering
TORONTO, ON / ACCESS Newswire / April 10, 2025 / McFarlane Lake Mining Limited (Cboe Canada:ML...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Lake Announces Closing of Final Tranche of Upsized $1.3 Million Private Placement OfferingTORONTO, ON / ACCESS Newswire / April 10, 2025 / McFarlane Lake Mining Limited (Cboe Canada:MLM)(OTCQB:MLMLF) (\"McFarlane Lake\" or the \"Company\"), a Canadian gold exploration and development company, is pleased to announce that on Thursday, April 10, 2025, it closed the final tranche (the \"Final Tranche\") of its previously announced non-brokered private placement offering of units (the \"Units\") and flow-through shares (the \"FT Shares\", and together with the Units, the \"Securities\") of the Company (the \"Offering\"). The Offering, initially permitting the issuance and sale of up to 20,000,000 Units and up to 14,285,714 FT Shares, was previously upsized to up to 26,000,000 Units and up to 18,571,428 FT Shares. Following this upsize, the Company closed the first tranche of the Offering on March 18, 2025. On April 9, 2025, the Company filed a second amended and restated offering document pursuant to the LIFE (as defined below) to further increase the maximum size of the Offering in order to accommodate additional investors. The Final Tranche consisted of 2,800,000 Units at a price of $0.05 per Unit and 700,000FT Shares at a price of $0.07 per FT Share for combined aggregate gross proceeds to the Company of approximately $189,000. In total, McFarlane Lake raised $1,305,000 pursuant to the Offering, through the issuance of 25,120,000 Units and 700,000 FT Shares.\"We are very pleased with this financing round, raising well above our initial target of $1 million\" says Mark Trevisiol Chief Executive Officer of McFarlane Lake. Mark added, \"Exploration drilling is continuing at our McMillan Mine site and we are encouraged with what we are seeing.\" McFarlane Lake has been drill testing geophysical anomalies identified through electromagnetic (EM) testing methods, with a particular focus on an eastern area of the mine site where there has been little to no prior exploration (see press release March 27, 2025). McFarlane Lake expects to release additional information on its current drilling campaign in the coming weeks.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 granted in the Final Tranche is e...