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McFarlane Lake Announces Closing of First Tranche of Upsized $1.3 Million Private Placement Offering
TORONTO, ON / ACCESS Newswire / March 20, 2025 / McFarlane Lake Mining Limited (Cboe Canada:ML...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Lake Announces Closing of First Tranche of Upsized $1.3 Million Private Placement OfferingTORONTO, ON / ACCESS Newswire / March 20, 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, March 20, 2025, it closed the first tranche (the \"FirstTranche\") of its previously announced non-brokered private placement offering of units (\"Units\") and flow-through shares (\"FT Shares\") of the Company on March 18, 2025 (the \"Offering\"). The First Tranche consisted of 22,320,000 Units at a price of $0.05 per Unit for aggregate gross proceeds to the Company of approximately $1,116,000. No FT Shares were issued or sold in the First Tranche. At the request of certain proposed purchasers, the Company will aim to close the second (final) tranche of the Offering on or about the week of March 24, 2025.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$0.07 per Common Share until September 20, 2026.The Units were offered for sale by way of the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions to purchasers in all the provinces of Canada, except Québec, and in other qualifying jurisdictions. The Common Shares and Warrants issued in connection with the Offering are not subject to resale restrictions pursuant to applicable Canadian securities laws or the policies of Cboe Canada Inc. (\"Cboe\"). In connection with the Offering, the Company paid $65,900 to certain eligible finders in consideration for introducing certain purchasers to the Company.The net proceeds from the Offering will be primarily allocated to exploration activities on the Company's Canadian properties, with a focus on the McMillan Property, while also supporting ongoing exploration at the West Hawk Lake Property and High Lake Property.The Offering remains subject to final acceptance by Cboe and all regulatory approvals.Related Party DisclosureCertain insiders of the Company subscribed for approximately $75,000 worth of Units in the First Tranche. This participation b...