McFarlane Lake Announces Closing of Final Tranche of Upsized $4.6 Million Private Placement Offering

TORONTO, ON / ACCESSWIRE / November 29, 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 Monday, November 27, 2023, it closed the final tranche (the "Final 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 Final Tranche consisted of 8,600,000 Units at a price of $0.05 per Unit and 8,391,325 FT Shares at a price of $0.06 per FT Share for combined aggregate gross proceeds to the Company of approximately $933,479. Due to strong investor demand, the Company upsized the Offering to up to $4,605,099.

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 27, 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 Final Tranche will be subject to a four (4) month hold period ending on March 28, 2024.

McFarlane Lake intends to utilize the net proceeds from the Offering 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.

Mark Trevisiol Chief Executive Officer and Chairman of McFarlane Lake stated "It is a difficult capital market for junior explorers to raise money to develop their properties. We are extremely pleased with how this financing was completed and delighted to have two Canadian mining icons participate. Rob McEwen and Frank Giustra are two of our latest McFarlane Lake shareholders. Both have exemplary track records in developing Canadian gold exploration properties into producing gold mines. We look forward to working with them as we develop our Canadian properties."