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$15 Million Base Offering Upsized by $2.25 Million on Full Exercise of Option
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TORONTO, Sept. 09, 2026 (GLOBE NEWSWIRE) — McFarlane Lake Mining Limited (CSE: MLM) (FRA: W2Z) (OTCQB: MLMLF) (“McFarlane Lake” or the “Company”) is pleased to announce that it has closed its previously announced $15 million “bought deal” private placement with ATB Cormark Capital Markets, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters consisting of Integrity Capital Group Inc. and Canaccord Genuity Corp. (collectively, the “Underwriters”), consisting of: (i) 23,334,000 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “FT Shares”), at a price of $0.525 per FT Share (the “FT Offering Price”), for gross proceeds of $12,250,350 and (ii) 13,158,600 common shares of the Company (the “HD Shares”), at a price of $0.38 per HD Share (the “HD Offering Price”), for gross proceeds of $5,000,268, for aggregate gross proceeds to the Company of $17,250,618 (the “Offering”).
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In connection with the Offering, the Underwriters exercised their option (the “Option”) to purchase an additional 2,381,000 FT Shares at the FT Offering Price and an additional 2,631,600 HD Shares at the HD Offering Price, for additional gross proceeds of $2,250,033. In response to investor demand, the Company agreed to allow a portion of the Option to be satisfied through the issuance of additional FT Shares, rather than entirely through the issuance of additional HD Shares. The share numbers and gross proceeds set out above are inclusive of the securities issued and proceeds received pursuant to the exercise of the Option. The Underwriters received a cash commission equal to 6.0% of the gross proceeds of the Offering.
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The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada), and in respect of eligible Ontario purchasers, “eligible Ontario exploration expenditures” as defined in subsection 103(4) of the Taxation Act, 2007 (Ontario) (the “Qualifying Expenditures”) related to the Company’s Juby Project in Ontario. The Company intends to use the net proceeds of the offered HD Shares for working capital and general corporate purposes. Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2027 and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2026.
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“We are very pleased to have closed this oversubscribed Offering, which reflects strong investor confidence in McFarlane Lake,” said Mark Trevisiol, President and Chief Executive Officer of McFarlane Lake. “These proceeds position us to advance exploration at our flagship Juby Gold Project. We thank all of our stakeholders for their support, which enables us to further expand our gold resources and advance the development of the Juby Gold Project.”
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The FT Shares and HD Shares were offered for sale to purchasers resident in all provinces of Canada, and other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The FT Shares and HD Shares issued to Canadian resident subscribers under the Listed Issuer Financing Exemption are not subject to a hold period pursuant to applicable Canadian securities laws.