McFarlane Lake Mining Closes First Tranche of Private Placement

McFarlane Lake Mining Limited has completed the first tranche of its private placement offering, raising approximately $1.116 million through the issuance of 22,320,000 units. Each unit consists of one common share and one-half of one common share purchase warrant. The warrants are exercisable at C$0.07 per share until September 2026. No flow-through shares were sold in this tranche. The proceeds are designated primarily for exploration on Canadian properties, focusing on McMillan, West Hawk Lake, and High Lake projects.

The offering leveraged the Listed Issuer Financing Exemption, targeting investors across Canada, excluding Québec, and other jurisdictions. Eligible finders received $65,900 for introducing investors. Certain insiders participated in the offering, totaling $75,000, constituting a related party transaction. The final acceptance by Cboe and regulatory approvals are pending.