McFarlane Lake Finalizes $1.3 Million Private Placement

McFarlane Lake Mining Limited has concluded the final tranche of its upsized non-brokered private placement, raising $1.305 million. The offering, which initially allowed for 20,000,000 Units, was increased to accommodate more investors, resulting in the issuance of 25,120,000 Units and 700,000 flow-through shares. The final tranche generated $189,000 in proceeds.

The funds will support exploration at McMillan and other Canadian properties. The chief executive, Mark Trevisiol, expressed satisfaction with exceeding the initial $1 million target. Exploration continues at McMillan Mine, focused on geophysical anomalies using electromagnetic methods.

The offering, approved by Cboe Canada, was conducted under the Listed Issuer Financing Exemption in Canada. Proceeds from flow-through shares will fund qualifying Canadian exploration expenses as defined by Canadian tax law.