On April 14, 2023, McFarlane Lake Mining Limited, closed the transaction. The company will now issue 7,285,000 units at a price of CAD 0.10 per Unit and 3,100,000 flow-through shares at a price of CAD 0.12 per flow-through share for aggregate gross proceeds of CAD 1,100,500. Each unit consisted of one common share of the company and one-half of one common share purchase warrant.

Each warrant is exercisable by the holder to acquire one common share at a price of CAD 0.20 per common share until April 13, 2026. The company has disclosed finders' fees totaling CAD 19,410 in cash to certain finders in connection with the transaction. Certain insiders of the company subscribed for approximately CAD 133,000 worth of Units in the transaction.

In accordance with applicable Canadian securities laws, all securities issued and issuable in connection with the transaction will be subject to a four month hold period ending August 14, 2023.The transaction remains subject to final acceptance by the Neo Exchange Inc. and all regulatory approvals.