Mayo Lake Minerals Inc. announced a private placement of common share units and flow-through units on a best efforts basis for aggregate gross proceeds of CAD 1,400,000 on April 5, 2023. Each common share unit will be comprised of one common share and one whole common share purchase warrant exercisable into one common share at a price of CAD 0.10 per common share for a period of 36 months from the closing date. Each flow-through unit consists of one flow-through share and one-half of a common share purchase warrant exercisable into one Common Share at a price of CAD 0.12 per Common Share for a period of 36 months from the closing date.

The securities issued pursuant to the transaction will be subject to a statutory hold period in Canada of four months and one day after the Closing Date. The company will pay 7% in cash to the finders and warrants valid for three years. The transaction is expected to close on May 15, 2023.