On November 27, 2023, McFarlane Lake Mining Limited closed the transaction. The company amended the terms of the transaction and issued 8,600,000 units at a price of CAD 0.05 per unit for the gross proceeds of up to CAD 430,000 and 8,391,325 Flow-through shares at a price of CAD 0.06 per share for the gross proceeds of up to CAD 503,479.5 for combined aggregate gross proceeds to the company of approximately CAD 933,479 in its final tranche. Due to strong investor demand, the company upsized the offering to up to CAD 4,605,101.

certain insiders of the company subscribed for approximately CAD 145,000 worth of a combination of units and flow-through shares in the final tranche. The offering remains subject to final acceptance by the Neo Exchange Inc. and all regulatory approvals. Each Warrant is exercisable by the holder to acquire one common share at a price of CAD 0.07 per common share until May 27, 2025.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the final tranche will be subject to a four month hold period ending on March 28, 2024. In accordance with the policies of Cboe, a majority of existing shareholders of the company have approved the Offering. The transaction included participation from new individual investor Perry Dellelce which acquired ownership and control of an aggregate of 1,000,000 common shares.

As a result of the Dilution, presently the investor beneficially owns and controls, directly and indirectly 11,471,725 common shares, 1,425,000 stock options, 3,500,000 restricted share units and 550,000 warrants, representing 5.77% of the issued and outstanding common shares on a non-diluted basis and approximately 8.30% on a partially diluted basis. Prior to the dilution, the investor owned and controlled, directly and indirectly, the following securities of the company 10,471,725 common shares, 1,425,000 stock options, 3,500,000 restricted share units and 550,000 warrants. Prior to the offering, if said securities were collectively settled or exercised for common shares, as applicable, the investor would hold approximately 13.43% of the issued and outstanding Common Shares on a partially diluted basis.

The transaction also included participation from individual investors Rob McEwen and Frank Giustra.