Anyone who is looking into the gold exploration space this morning could consider taking an interest in the Canadian gold exploration and development firm McFarlane Lake Mining Limited (OTCMKTS:MLMLF). The company announced yesterday that it had upsized its non-brokered private placement due to strong investor demand and concluded it back on September 16, 2022.
Trading Data
On Monday, MLMLF stock ended flat at $0.0999 with more than 2.22K shares, compared to its average volume of 1.44K shares. The stock moved within a range of $0.0999 – 0.0999 after opening trade at $0.0999.
McFarlane Lake Announces Upsize and Closing of C$1.29 Million Private Placement
The company managed to bring in gross proceeds to the tune of C$1292400. In the above mentioned offering, McFarlane Lake Mining offered a total of 12924000 units for C$0.10 each. Each of the units is made up of one common share in McFarlane Lake Mining and half of a common share purchasing warrant.
One whole warrant can be exercised to acquire a common share in the company for the price of C$0.20 at any time until September 16, 2025. The proceeds from the offering are going to be deployed by McFarlane Lake Mining for the purpose of working on further exploring its High Lake and West Hawk Lake properties. Some of the proceeds are also going to be used for the purpose of general working capital purposes. It should be noted that McFarlane Lake Mining also paid finders’ fees of C$9600 and also provided 27000 units to some other finders.
