McFarlane Lake Announces Closing of Final Tranche of Upsized $4.6 Million Private Placement Offering - Seite 2

Rob McEwen stated "I became a shareholder because McFarlane Lake is located in a similar geological setting and encountering the type of impressive high grade gold results that I saw in the early days of Goldcorp Inc.'s spectacular Red Lake Mine."

The Offering remains subject to final acceptance by the Neo Exchange Inc. (operating as Cboe Canada) ("Cboe") and all regulatory approvals. In accordance with the policies of Cboe, a majority of existing shareholders of the Company have approved the Offering.

Early Warning Reporting

In connection with the Offering, Perry Dellelce of Suite 800, 365 Bay Street, Toronto, ON M5H 2V1, acquired ownership and control of 1,000,000 FT Shares. Mr. Dellelce previously filed an early warning report with respect to the securities of the Company on May 10, 2023. Immediately prior to the closing of the Offering, Mr. Dellelce owned and controlled, directly and indirectly, the following securities of the Company: (i) 10,471,725 Common Shares; (ii) 1,425,000 stock options; (iii) 3,500,000 restricted share units; and (iv) 550,000 warrants. Prior to the Offering, if said securities were collectively settled or exercised for Common Shares, as applicable, Mr. Dellelce would hold approximately 13.43% of the issued and outstanding Common Shares on a partially diluted basis.

As a result of the Offering and since the date of the last early warning report, the interest of Mr. Dellelce in the ownership and control of the Company decreased to less than 10% of the outstanding Common Shares of McFarlane Lake on a non-diluted and partially diluted basis. Mr. Dellelce now beneficially owns and controls, directly and indirectly: (i) 11,471,725 Common Shares; (ii) 1,425,000 stock options; (iii) 3,500,000 restricted share units; and (iv) 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. As a result, Mr. Dellelce is currently no longer required to file an early warning report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103").

Mr. Dellelce holds Common Shares for investment purposes. Mr. Dellelce may, from time to time, take such actions in respect of his holdings in securities of McFarlane Lake as he may deem appropriate in light of the circumstances then existing, including the purchase of additional Common Shares or other securities of McFarlane Lake or the disposition of all or a portion of his security holdings in McFarlane Lake, subject in each case to applicable securities laws and the terms of such securities. Certain Common Shares held by Mr. Dellelce are subject to certain lock down periods as described in the filing statement of the Company dated January 14, 2022.