McFarlane Lake Mining Limited announced a non-brokered private placement of up to 50,000,000 units of the company at a price of CAD 0.05 per unit for the gross proceeds of CAD 2,500,000 and up to 33,333,333 flow-through shares of the company at a price of CAD 0.06 per share for the gross proceeds of CAD 2,000,000 for the aggregate gross proceeds of CAD 4,500,000 on October 17, 2023. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will be exercisable by the holder to acquire one common share at a price of CAD 0.07 per common share for a period of 18 months from the closing of the offering.

The offering may be closed in multiple tranches at the sole discretion of the company. The transaction is expected to close on or about October 30, 2023. The company expects to enter into a definitive subscription agreement with Rob McEwen, a lead investor who has agreed in principle to subscribe for CAD 1,000,000 worth of securities.