Business
McFarlane Lake Mining Announces Upsize and Closing of C$1.29 Million Private Placement
Toronto, Ontario--(Newsfile Corp. - September 19, 2022) - McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) ("McFarlane Lake" or "the Company"), a Canadia
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 19, 2022) - 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, on Friday September 16, 2022, it upsized and closed its previously announced non-brokered private placement offering (the \"Offering\") for aggregate gross proceeds of C$1,292,400. Under the Offering, the Company issued 12,924,000 units (\"Units\") at a price of C$0.10 per Unit. Each Unit consists of one common share of the Company (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 September 16, 2025. McFarlane Lake will utilize the net proceeds from the Offering to further explore the Company's West Hawk Lake and High Lake properties and general working capital. The Company paid finders' fees of C$9,600 in cash and 27,000 Units to certain finders in connection with the Offering. Certain insiders of the Company subscribed for approximately $119,000 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 MI61-101. No new insiders were created, nor has there been any change of control, as a result of the Offering. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connected with the Offering will be subject to a four (4) month hold period ending January 17, 2023. The Offering remains subject to final acceptance by the NEO Exchange and all regulatory approvals, and all of the securities issued in connection with the Offer...