McFarlane Lake Announces Up To C$4.5 Million Private Placement, Rob McEwen To Participate

TORONTO, ON / ACCESSWIRE / October 17, 2023 / McFarlane Lake Mining Limited (NEO:MLM)(OTCQB:MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, today announced that it intends to offer for sale, on a non-brokered private placement basis: (i) up to 50,000,000 units of the Company (the "Units") at a price of C$0.05 per Unit; and (ii) up to 33,333,333 flow-through shares of the Company (the "FT Shares", and together with the Units, the "Securities") at a price of C$0.06 per FT Share, to raise collective aggregate gross proceeds of up to C$4,500,000 (together, the "Offering"). The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act").

Each Unit will consist of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable by the holder to acquire one Common Share at a price of C$0.07 per Common Share for a period of 18 months from the closing of the Offering, which is expected to occur on or about October 30, 2023. The Offering may be closed in multiple tranches at the sole discretion of the Company.

The Company expects to enter into a definitive subscription agreement with Rob McEwen, a lead investor who has agreed in principle to subscribe for $1,000,000 worth of Securities.

Mr. McEwen is Chairman and Chief Owner of McEwen Mining Inc., which has three producing mines in Nevada, Ontario, and Argentina and holds 68% interest in the large Los Azules copper project in Argentina. Mr. McEwen has been associated with the gold industry all his career, his first 18 years in the investment industry and since 1990 as CEO of several gold mining companies. Mr. McEwen was awarded the Order of Canada in 2007, the Queen Elizabeth's Diamond Jubilee Award in 2013, was inducted into the Mining Hall of Fame in 2017 and has Honorary Doctor of Law Degrees from York University and Western University.

"We are delighted that Rob McEwen is participating in the Offering and look forward to working with him as we continue to build out our gold resources at High Lake and develop our Canadian gold properties", says Mark Trevisiol, Chairman and Chief Executive Officer of McFarlane Lake.

Rob McEwen stated, "I was attracted to McFarlane Lake because of its terrific high-grade intercepts and the fact that it is in Canada and located close to where Goldcorp Inc. enjoyed such phenomenal exploration success and profitability. As Canadians, we need our governments to move with greater urgency to develop our natural resources. Mining provides high-paying jobs, employs a wide range of skills and has a large multiplier effect on the economy!"