McFarlane Lake Mining Limited announced a non-brokered private placement of (i) up to 10,000,000 units at an issue price of CAD 0.10 per unit for the gross proceeds of CAD 1,000,000, (ii) up to 8,333,333 flow-through shares at an issue price of CAD 0.12 per flow-through shares for the gross proceeds of CAD 999,999.96; aggregate proceeds of CAD 2,000,000 on March 29, 2023. Each unit consists of one common share and one half common share purchase warrant. Each Warrant will be exercisable by the holder to acquire one Common Share at a price of CAD 0.20 per common share for a period of 36 months from the closing of the transaction.

The transaction is subject to acceptance by the Neo Exchange Inc. and all regulatory approvals, and all of the securities issued in connection with the transaction is subject to applicable statutory holding periods or any other re-sale restrictions imposed under applicable securities legislation. The transaction may be closed in multiple tranches. The transaction is expected to close on or about April 4, 2023.

The offering may be closed in multiple tranches at the sole discretion of the company.