McFarlane Lake Closes $6.75 Million Financing Led by Michael Gentile

Overview

• McFarlane Lake said the $6.75 million financing has closed and was led by strategic investors with Michael Gentile acquiring 52,916,666 common shares and 52,916,666 warrants that he holds for investment purposes.
• The company said net proceeds may be used to repay a portion of outstanding debentures, fund exploration and development at Juby, and cover general working capital needs.
• All units were issued under Canadian prospectus exemptions and remain subject to a statutory four-month-and-one-day hold and final acceptance by the Canadian Securities Exchange.
• McFarlane Lake pointed to a sensitivity analysis at US$3,750 per ounce that shows an Indicated resource of about 1.20 million ounces and an Inferred resource of about 4.23 million ounces for Juby as it continues drilling and technical studies.
• Management reported rising market attention—saying market capitalization nearly doubled in the prior week—and the company also renewed investor relations and marketing engagements to support outreach as the project advances.