Business
McLaren Resources Announces Plans to Develop a Blockchain Platform for Use in Mining Related Industry and Arranges Additional Financing
Toronto, Ontario--(Newsfile Corp. - January 24, 2018) - McLaren Resources Inc. (CSE: MCL) (OTC: MLRNF) (FSE: 3ML) ("McLaren" / the "Company") is pleased to anno
About this update from Mclaren Resources, Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - January 24, 2018) - McLaren Resources Inc. (CSE: MCL) (OTC: MLRNF) (FSE: 3ML) (\"McLaren\" / the \"Company\") is pleased to announce that the Company plans to establish a new subsidiary corporation to develop a blockchain platform for mining industry information using a distributed ledger system for the transfer of data, documentation and related information. Mining industry data, including geological and other forms of mining industry information, will be exchanged by platform participants including participants who develop value on the blockchain platform. The blockchain platform will allow users to access an immutable record of mining industry information securely and efficiently. The project is in the early stage and is being developed using blockchain industry consultants and design services and associated value transfer systems. McLaren has engaged Just In-Genius and Block X Partners, two blockchain development companies, to begin work on the blockchain ledger system for the Company. McLaren envisions that some equity in the new subsidiary corporation could be issued to key partners. In addition, McLaren also announces that to accommodate additional demand resulting from the financing announced on January 15, 2018, McLaren is arranging up to $1 million of additional financing by way of the issuance of up to 8,000,000 common share units at an issue price of $0.125 per unit. Each unit will consist of one (1) common share and one (1) common share purchase warrant. Each warrant will be exercisable at an exercise price of $0.15 per share for a period of 18 months from the date of issuance. McLaren shall have the right to accelerate the exercise of the warrants if McLaren shares trade at a weighted average price exceeding $0.25 per share for 20 consecutive trading days. The net proceeds from the financing will be used for general working capital purposes with a portion of the funds to be allocated towards the new blockchain initiative. McLaren's establishment of a new subsidiary corporation does not constitute a change of business for McLaren. McLaren continues to control a 100% interest in the Augdome Gold Property, a 50% interest in the Blue Quartz Gold Property and has an option to earn from 50% to a 100% interest in the TimGinn Gold Property (see below). On January 2, 2018, McLaren announ...