McFarlane Lake Announces Closing of First Tranche of Upsized Private Placement Offering

TORONTO, ON / ACCESSWIRE / November 2, 2023 / McFarlane Lake Mining Limited (NEO:MLM)(OTCQB:MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, is pleased to announce that on Wednesday, November 1, 2023, it closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement offering of units of the Company ("Units") and flow-through shares ("FT Shares") of the Company on October 17, 2023 (the "Offering"). The First Tranche consisted of 43,500,000 Units at a price of $0.05 per Unit and 24,943,681 FT Shares at a price of $0.06 per FT Share for combined aggregate gross proceeds to the Company of approximately $3,671,620. Due to strong investor demand, the Company has upsized the Offering to up to $4,600,000. At the request of certain proposed investors, the Company will aim to close the second (and final) tranche of the Offering for approximately $928,380 on or about the week of November 13, 2023.

Each Unit consisted of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable by the holder to acquire one Common Share at a price of C$0.07 per Common Share until May 1, 2025.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").

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the First Tranche will be subject to a four (4) month hold period ending on March 2, 2024.

McFarlane Lake intends to utilize the net proceeds from the First Tranche to further explore the Company's West Hawk Lake and High Lake properties, as well as for general working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act (the "Qualifying Expenditures"). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2023.