McFarlane Lake Mining (CSE:MLM) has closed a C$6.75 million ($6.86 million) private placement led by mining investor Michael Gentile.
The company issued units at C$0.12 cents each, with Gentile subscribing for C$6.35 million and precious metals executive Pierre Beaudoin taking the balance.
Each unit comprises one common share and one warrant exercisable at C$0.16 for 36 months, giving Gentile 52.9 million shares and representing 9.83% of the issued capital.
Should Gentile exercise all warrants, his stake would reach 19.67%.
“This investment … has nearly doubled [our market capitalisation] in the last week, and the awareness across the market about our Juby gold project is getting the needed traction to take the development of the project to a new level,” McFarlane CEO Mark Trevisiol says.
The company plans to use proceeds to repay outstanding debentures, advance exploration at the Juby Gold Project in Ontario, and for working capital.
McFarlane Lake’s flagship Juby project is located near Gowganda in the Abitibi greenstone belt in the Ontario-Québec border.
The project hosts a mineral resource estimate of 1.01 million ounces of indicated gold @ 0.98 grams per tonne and 3.17Moz of inferred gold @ 0.89g/t, using a US$2,500 per ounce gold price for the September 2025 estimate.
A sensitivity analysis at US$3,750 ($5,318.04) per ounce increased the resource to 1.20Moz indicated @ 0.94g/t and 4.23Moz inferred @ 0.85g/t.
McFarlane Lake Mining also holds the past-producing McMillan gold mine and other Ontario properties.
Write to JC Villarba at Mining.com.au
Images: McFarlane Lake Mining
