McFarlane Lake Mining (CSE:MLM) has closed an upsized C$17.25 million ($17.31 million) bought deal private placement to fund exploration at its Juby Gold Project in Ontario, Canada.
The company initially sought C$15 million, as previously reported by Mining.com.au, before the underwriters exercised their full C$2.25 million option in response to investor demand.
The placement comprised 23.33 million flow-through shares issued at C$0.525 each for C$12.25 million and 13.16 million hard-dollar shares at C$0.38 each for C$5 million.
CEO Mark Trevisiol says the oversubscribed placement reflects investor support for McFarlane Lake and its flagship project.
“These proceeds position us to advance exploration at our flagship Juby Gold Project,” Trevisiol says.
McFarlane Lake says it will use the flow-through proceeds for eligible Canadian exploration expenses at Juby by 31 December 2027. The company will renounce the expenses to subscribers with an effective date no later than 31 December 2026, while the hard-dollar proceeds will support working capital and general corporate purposes.
Juby holds an indicated resource of 37.17 million tonnes (Mt) @ 0.95 grams per tonne gold (Au) for 1.14 million ounces (Moz) and an inferred resource of 180.67Mt @ 0.87g/t Au for 5.06Moz.
McFarlane Lake says it plans to undertake exploration drilling and development studies at the project.
McFarlane Lake is a Canadian gold explorer advancing Juby and a portfolio of wholly owned Ontario assets, including the past-producing McMillan Gold Mine and the Mongowin, Michaud, and Munro properties.
Write to France Pinzon at Mining.com.au
Images: McFarlane Lake Mining
