Business
McFarlane Lake Announces Closing of First Tranche of Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - February 17, 2023) - McFarlane Lake Mining Limited (NEO: MLM)...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Lake Announces Closing of First Tranche of Private Placement OfferingToronto, Ontario--(Newsfile Corp. - February 17, 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 on Friday, February 17, 2023, it closed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement offering of units of the Company (\"Units\") and flow-through shares (\"FT Shares\") of the Company on January 18, 2023 (the \"Offering\"). Pursuant to the First Tranche, the Company issued a total of 2,200,032 Units at a price of C$0.15 per Unit for aggregate gross proceeds of C$330,004.80. The Company did not issue any FT Shares in connection with the First Tranche. The Company anticipates that it may close subsequent tranches of this Offering. 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$0.25 per Common Share until February 17, 2026.Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the First Tranche will be subject to a four (4) month and one (1) day hold period expiring on June 18, 2023.McFarlane Lake will utilize the net proceeds from the First Tranche to further explore the Company's High Lake property as well as for general working capital purposes. The Offering remains subject to final acceptance by the Neo Exchange Inc. and all regulatory approvals.About McFarlane Lake MiningMcFarlane Lake is a mineral exploration company focused on the exploration and development of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane Lake holds the McMillan and Mongowin mineral properties located 70 km east of Sudbury and owns the Michaud/Munro mineral property 115 km east of Timmins. McFarlane Lake is a \"reporting issuer\" under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta.To learn more, visit: https://mcfarlanelakemining.com/Addit...