McFarlane Lake Upsizes Private Placement Offering from $1 Million to $1.3 Million
McFarlane Lake Mining has increased its private placement offering from $1 million to $1.3 million due to strong investor demand. The offering includes:
- Up to 26 million units at $0.05 per unit, each consisting of one common share and half a warrant
- Up to 18.57 million flow-through shares at $0.07 per share
Each warrant allows purchase of one common share at $0.07 for 18 months from the closing date, expected around March 20, 2025. The offering has a minimum subscription amount of $635,000 and may close in multiple tranches. Proceeds will fund exploration activities, primarily at the McMillan Property, while supporting exploration at West Hawk Lake and High Lake properties. Flow-through shares' proceeds will be used for eligible Canadian exploration expenses, qualifying as flow-through mining expenditures.
McFarlane Lake Mining ha aumentato la sua offerta di collocamento privato da 1 milione a 1,3 milioni di dollari a causa della forte domanda da parte degli investitori. L'offerta include:
- Fino a 26 milioni di unit脿 a 0,05 dollari per unit脿, ciascuna composta da un'azione comune e mezza opzione
- Fino a 18,57 milioni di azioni flow-through a 0,07 dollari per azione
Ogni opzione consente l'acquisto di un'azione comune a 0,07 dollari per 18 mesi dalla data di chiusura, prevista intorno al 20 marzo 2025. L'offerta ha un importo minimo di sottoscrizione di 635.000 dollari e potrebbe chiudere in pi霉 tranche. I proventi finanzieranno attivit脿 di esplorazione, principalmente presso il McMillan Property, supportando anche l'esplorazione presso le propriet脿 di West Hawk Lake e High Lake. I proventi delle azioni flow-through saranno utilizzati per spese di esplorazione canadesi ammissibili, qualificandosi come spese minerarie flow-through.
McFarlane Lake Mining ha aumentado su oferta de colocaci贸n privada de 1 mill贸n a 1,3 millones de d贸lares debido a la fuerte demanda de los inversores. La oferta incluye:
- Hasta 26 millones de unidades a 0,05 d贸lares por unidad, cada una compuesta por una acci贸n ordinaria y media garant铆a
- Hasta 18,57 millones de acciones flow-through a 0,07 d贸lares por acci贸n
Cada garant铆a permite la compra de una acci贸n ordinaria a 0,07 d贸lares durante 18 meses a partir de la fecha de cierre, que se espera alrededor del 20 de marzo de 2025. La oferta tiene un monto m铆nimo de suscripci贸n de 635.000 d贸lares y puede cerrarse en m煤ltiples tramos. Los ingresos financiar谩n actividades de exploraci贸n, principalmente en la McMillan Property, mientras se apoya la exploraci贸n en las propiedades de West Hawk Lake y High Lake. Los ingresos de las acciones flow-through se utilizar谩n para gastos de exploraci贸n canadienses elegibles, calificando como gastos mineros flow-through.
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McFarlane Lake Mining a augment茅 son offre de placement priv茅 de 1 million 脿 1,3 million de dollars en raison d'une forte demande des investisseurs. L'offre comprend :
- Jusqu'脿 26 millions d'unit茅s 脿 0,05 dollar par unit茅, chacune compos茅e d'une action ordinaire et d'une demi-option
- Jusqu'脿 18,57 millions d'actions flow-through 脿 0,07 dollar par action
Chaque option permet d'acheter une action ordinaire 脿 0,07 dollar pendant 18 mois 脿 partir de la date de cl么ture, pr茅vue autour du 20 mars 2025. L'offre a un montant de souscription minimum de 635 000 dollars et peut se cl么turer en plusieurs tranches. Les produits financeront les activit茅s d'exploration, principalement sur la McMillan Property, tout en soutenant l'exploration sur les propri茅t茅s de West Hawk Lake et High Lake. Les produits des actions flow-through seront utilis茅s pour des d茅penses d'exploration canadiennes 茅ligibles, qualifiant comme d茅penses mini猫res flow-through.
McFarlane Lake Mining hat sein Angebot f眉r eine Privatplatzierung von 1 Million auf 1,3 Millionen Dollar aufgrund starker Nachfrage von Investoren erh枚ht. Das Angebot umfasst:
- Bis zu 26 Millionen Einheiten zu 0,05 Dollar pro Einheit, wobei jede aus einer Stammaktie und einer halben Warrant besteht
- Bis zu 18,57 Millionen Flow-Through-Aktien zu 0,07 Dollar pro Aktie
Jede Warrant erm枚glicht den Kauf einer Stammaktie zu 0,07 Dollar f眉r 18 Monate ab dem Abschlussdatum, das voraussichtlich um den 20. M盲rz 2025 liegt. Das Angebot hat einen Mindestzeichnungsbetrag von 635.000 Dollar und kann in mehreren Tranchen abgeschlossen werden. Die Erl枚se werden die Explorationsaktivit盲ten haupts盲chlich im McMillan Property finanzieren und die Exploration in den Liegenschaften West Hawk Lake und High Lake unterst眉tzen. Die Erl枚se aus den Flow-Through-Aktien werden f眉r f枚rderf盲hige kanadische Explorationsausgaben verwendet, die als Flow-Through-Bergbauausgaben qualifizieren.
- Strong investor demand led to 30% increase in offering size
- Flow-through shares provide tax benefits to Canadian investors
- Minimum offering amount set at $635,000 ensures substantial funding
- Multiple property exploration strategy diversifies development opportunities
- Potential dilution for existing shareholders
- Offering price of $0.05 per unit indicates relatively low share valuation
- Success of exploration activities not guaranteed
Toronto, Ontario--(Newsfile Corp. - March 18, 2025) - McFarlane Lake Mining Limited (CBOE CA: MLM) (OTCQB: MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, today announced that due to strong investor demand, it has upsized its previously announced non-brokered private placement offering from up to
Each Unit will consist 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 will be exercisable by the holder to acquire one Common Share at a price of
The Securities to be issued under the Offering are expected to be offered for sale by way of the Listed Issuer Financing Exemption ("LIFE") under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") to purchasers in all the provinces of Canada, except Québec. Any Securities offered pursuant to the LIFE under the Offering will not be subject to resale restrictions pursuant to applicable Canadian securities laws or the policies of Cboe Canada Inc. ("Cboe").
There is an amended and restated offering document related to the Offering that can be accessed under the Company's profile at and on the Company's website at . Prospective investors should read this amended and restated offering document before making an investment decision.
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 gross proceeds received by the Company from the sale of the FT Shares will be used to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act (the "Qualifying Expenditures"). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2025.
There can be no assurances that the Offering will be completed on the terms set out herein, or at all, or that the proceeds of the Offering will be sufficient for the purposes of the Company set out herein.
In connection with the Offering, the Company may, at its sole discretion, pay finders' fees of up to
The Offering is subject to acceptance by Cboe and all regulatory approvals.
The Securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The Securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.
About McFarlane Lake Mining
McFarlane Lake is a gold exploration company focused on the exploration and development of its portfolio of properties. The past producing McMillan and Mongowin gold properties, located 70 km west of Sudbury, Ontario, the past producing West Hawk Lake property located immediately west of the Ontario-Manitoba border, and the High Lake gold property located immediately east of the Ontario-Manitoba border and 8 km from the West Hawk Lake property. McFarlane Lake also owns the Michaud/Munro mineral property situated 115 km east of Timmins along the so-called "Golden Highway". McFarlane Lake is a "reporting issuer" under applicable securities legislation in the provinces of, British Columbia, Alberta and Ontario.
To learn more, visit: .
Additional information on McFarlane Lake can be found by reviewing its profile on SEDAR+ at .
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including but not limited to the proposed use of proceeds of the Offering, approval of Cboe for the Offering, the anticipated closing date of the Offering and closing future tranches of the Offering. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of McFarlane Lake to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated as of November 27, 2024, which is available for view on SEDAR+ at .
Forward-looking statements contained herein are made as of the date of this press release and McFarlane Lake disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Further Information
For further information regarding McFarlane Lake, please contact:
Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 562-8520
[email protected]
To view the source version of this press release, please visit
FAQ
What is the new size of McFarlane Lake Mining's (MLMLF) private placement offering?
How much are MLMLF's units and flow-through shares priced at in the offering?
When is the expected closing date for MLMLF's private placement?
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What are the warrant terms in MLMLF's private placement?
